Ontario Real Estate Licensing Exam Practice · Question
Maria owns a commercial property in downtown Ottawa under a freehold estate. Which of the following best describes her ownership of this property?
A freehold estate grants the owner the highest form of property ownership, providing indefinite possession and use of both the land and any structures on it, su
Start free practice for Ontario Real Estate Licensing Exam Practice
363 questions · no signup required · 40 free questions per day
Question: Maria owns a commercial property in downtown Ottawa under a freehold estate. Which of the following best describes her ownership of this property?
Answer options: ✅ She has an exclusive right to possess and use the property indefinitely, subject only to government restrictions.
- She has the right to use the property for a specified period, after which it reverts to the original owner.
- She has ownership of the building but leases the land from another party.
- Her ownership includes a shared interest with other tenants in a common elements condominium.
Correct answer: She has an exclusive right to possess and use the property indefinitely, subject only to government restrictions.
Explanation: A freehold estate grants the owner the highest form of property ownership, providing indefinite possession and use of both the land and any structures on it, subject only to public restrictions like zoning bylaws and property taxes. This is in contrast to a leasehold estate, which is for a defined period.
Start free practice for Ontario Real Estate Licensing Exam Practice
363 questions · no signup required · 40 free questions per day
More about Ontario Real Estate Licensing Exam Practice
Related Questions
- A buyer is considering a mortgage product that allows them to prepay a portion of their principal at any time
- A commercial property in Toronto is sold for $2,000,000. The vendor is an HST registrant. What is the buyer's
- What is the primary purpose of registering a deed under the Registry Act in Ontario?
- What is the primary role of a 'title search' in a residential real estate transaction in Ontario?
- A seller accepts a conditional offer. Before the conditions are fulfilled, the seller receives a firm, higher
- Which of the following is a common encumbrance that would be registered on title and affect a property owner's
More for Ontario Real Estate Licensing Exam Practice candidates
Study guides
Question explanations
- A buyer is considering a mortgage product that allows them to prepay a portion of their principal at any time
- A commercial property in Toronto is sold for $2,000,000. The vendor is an HST registrant. What is the buyer's
- What is the primary purpose of registering a deed under the Registry Act in Ontario?
- What is the primary role of a 'title search' in a residential real estate transaction in Ontario?
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Ontario Real Estate Licensing Exam Practice Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.