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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Which term describes the interest a tenant has in leased property?

Easement
Freehold interest
Leasehold interest
Life estate
Surface rights
Tenancy in common

The correct answer is: Leasehold interest

The correct term that describes the interest a tenant has in leased property is leasehold interest. This term refers to the right to use and occupy real estate for a specific period under the terms of a lease agreement. Here is why the other options are incorrect: A. Easement: An easement is the right to use someone else's land for a specific purpose, such as access or utilities. B. Freehold interest: Freehold interest refers to ownership of real property where the owner has full rights to use and occupy the property indefinitely. D. Life estate: A life estate is a type of ownership interest in real property that only lasts for the duration of a person's life. E. Surface rights: Surface rights refer to the rights a property owner has to use and develop the surface of the land, excluding any minerals or resources beneath the surface. F. Tenancy in common: Tenancy in common is a form of property ownership where multiple individuals hold undivided interests in the same property.