Humber/Ontario Real Estate Course 3 Exam Practice

In Ontario, what do land lease and life lease community residents have in common?

1. Neither have ownership in land.

2. Both represent fee simple ownership.

3. Both types guarantee indefinite occupancy.

4. Both types include maintenance fee obligations.

5. Residents in both types of communities own title deeds.

6. Both involve renting a part of the structure.

The correct answer is: Neither have ownership in land.

In Ontario, both land lease and life lease community residents do not have ownership in the land. In a land lease community, residents own the home but lease the land it sits on, while in a life lease community, residents have the right to occupy a unit but do not own the land. This distinguishes them from other forms of property ownership, such as fee simple ownership, where the owner has complete ownership of both the land and the structures on it. Therefore, the correct answer is that residents in both types of communities do not have ownership in the land.