Ontario Mortgage Agent Practice Exam

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Prepare for the Ontario Mortgage Agent Exam. Study with comprehensive quizzes, multiple-choice questions, and hints that enhance your understanding of mortgage regulations and practices in Ontario. Get ready to succeed in your mortgage agent licensing journey!

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What term describes the transfer of an interest in property from owner to owner?

Tenancy in common
Condominium ownership
Runs with the land
Servient tenement

The correct answer is: Runs with the land

The term "runs with the land" refers to a type of property interest that is transferred from one owner to another when the property is sold or transferred. This means that any obligations or restrictions attached to the property will also transfer to the new owner. This differs from "tenancy in common" and "condominium ownership," which are types of shared property ownership where each owner has their own distinct interests in the property. "Servient tenement" refers to a property that has an easement burden on it, but it is not directly related to the transfer of property ownership. Therefore, "runs with the land" is the correct term that describes the transfer of property ownership from one owner to another.