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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When Buyer Rundle purchases a mobile home located on leased land, what is the correct statement regarding their interest?

Buyer Rundle will obtain a fee simple interest in the land.
Buyer Rundle will obtain a leasehold interest in the land and a bill of sale for the mobile home, as the home is legally viewed as personal, movable property.
Buyer Rundle will be joint tenants with other mobile home owners in the park.
Buyer Rundle will have a freehold interest in the mobile home park.
Buyer Rundle will share ownership of the land with the park.
Buyer Rundle will get a warranty deed for the mobile home.

The correct answer is: Buyer Rundle will obtain a leasehold interest in the land and a bill of sale for the mobile home, as the home is legally viewed as personal, movable property.

When a buyer purchases a mobile home located on leased land, they would obtain a leasehold interest in the land and a bill of sale for the mobile home. This is because the mobile home is considered personal, movable property and not a part of the real property itself. In this scenario, the land remains under the ownership of the landlord, while the buyer has rights to use the land through the lease agreement. The other options are incorrect because: A. Buyer Rundle will not obtain fee simple interest in the land because they are only leasing the land the mobile home is situated on. C. Buyer Rundle being joint tenants with other mobile home owners in the park is not the correct statement since the ownership structure and legal rights would be defined by the lease agreement. D. Buyer Rundle does not have a freehold interest in the mobile home park, as they are purchasing a mobile home on leased land, not the entire park itself. E. Buyer Rundle does not share ownership of the land with the park, as the land is typically owned by a landlord or management company. F. Buyer Rundle would not receive a warranty deed for the mobile home since the mobile home is movable property and not real property.