Ontario Mortgage Agent Practice Exam 2025 – 400 Free Practice Questions to Pass the Exam

Question: 1 / 400

What is the purpose of a restrictive covenant on property rights?

To grant unlimited property use to the owner

To allow for property resale at any price

To restrict property use for a specific purpose

A restrictive covenant on property rights is a legally binding agreement that limits the use of the property to a specific purpose. This is often used to ensure that the property maintains its intended use or to protect the character and value of a neighborhood. Option A, granting unlimited property use, would essentially render the restrictive covenant useless. Option B, allowing for unrestricted resale of the property, is not necessarily the purpose of a restrictive covenant. Option D, ensuring joint ownership, is also not a typical purpose of a restrictive covenant. Therefore, option C is the most accurate answer.

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To ensure joint property ownership

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