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!

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What is a characteristic of a leasehold estate?

The interest in land is granted for a specific time period.
The person to whom the interest is granted is called the lessor.
The tenant acquires a fee simple interest in the land.
The interest in land must be for a period less than 50 years.

The correct answer is: The interest in land is granted for a specific time period.

A leasehold estate is characterized by the fact that the interest in the land is granted for a specific time period, which is the essence of a lease agreement. The tenant (or lessee) holds the leasehold interest in the property, but does not acquire ownership of the land itself. This distinguishes a leasehold estate from a fee simple estate, where the individual has full ownership rights. The lessor is the person who grants the leasehold interest, not the person receiving it. Additionally, a leasehold estate can be for any period, not necessarily less than 50 years, as mentioned in another option.