Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam with our comprehensive quiz. Test your understanding with multiple choice questions and detailed explanations. Build confidence and knowledge for a successful exam experience!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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Buyer Botrus is considering the purchase of a resale rural home and is particularly interested in a detached, four-car garage. How is this garage most aptly described from a legal perspective?

Real property.
A fixture.
Personal property.
A chattel.
A capital asset.
A depreciable asset.

The correct answer is: Real property.

The detached, four-car garage in this scenario would be best described as real property from a legal perspective. Real property refers to land and anything attached to it, including fixtures. In this case, the garage is part of the land and is considered a fixture, which is an item that was once personal property but has become real property because it is permanently attached to the land or a building. This distinguishes it from personal property, which can be moved or transferred. Therefore, the correct answer is A.