Ontario Mortgage Agent Practice Exam 2025 - Free Mortgage Agent Practice Questions and Study Guide

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What does a building scheme refer to?

Individual property ownership

Co-ownership of real property

A group of restrictive covenants in a development plan

A building scheme is a set of restrictive covenants that govern the use and development of a particular property or development. These covenants may include restrictions on the type of structures that can be built, the types of activities that can take place on the property, and other regulations that help maintain the overall aesthetic and function of the development. Option A is incorrect because individual property ownership refers to the legal right to possess and use property. Option B is incorrect because co-ownership refers to the joint ownership of a property between two or more individuals. Option D is incorrect because receiving a benefit does not necessarily relate to a building scheme. The correct answer, C, clearly distinguishes what a building scheme refers to in relation to the other options.

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A property receiving benefit

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