Humber/Ontario Real Estate Course 3 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Humber/Ontario Real Estate Course 3 Exam. Study with challenging questions and detailed explanations to enhance your understanding. Get ready to excel in your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Which term best describes the relationship between a tenant and the property owner in a leasehold estate?

Tenant has temporary interest
Tenant owns the land
Owner has no legal rights
Owner is considered a tenant
Tenant acquires fee simple interest
Tenant and owner share ownership

The correct answer is: Tenant has temporary interest

The relationship between a tenant and the property owner in a leasehold estate is best described as one where the tenant has a temporary interest in the property. In a leasehold estate, the tenant enters into a legal agreement with the property owner (landlord) that grants them the right to use and occupy the property for a specified period. This arrangement is temporary because, at the end of the lease term, the tenant must vacate the property, and the rights revert back to the owner. Other options would not accurately describe this relationship. The tenant does not own the land outright, as ownership remains with the property owner. The owner retains legal rights over the property despite the tenant's occupation and has the ability to enforce lease terms. The owner is not classified as a tenant; rather, they are the landlord in this relationship. Additionally, a tenant does not acquire fee simple interest, which refers to full ownership of an estate without any limitations. Lastly, tenants and owners do not share ownership in this context; the leasehold interest is limited and does not confer any ownership rights to the tenant.