Ontario Mortgage Agent Practice Exam

A building scheme and restrictive covenant are not interchangeable terms as they have different implications. A building scheme refers to a set of restrictions or regulations that are applied to multiple properties within a specific area, while a restrictive covenant applies to only one property. Additionally, a building scheme often includes regulations for property resale and ownership restrictions, while a restrictive covenant may only focus on a specific use of the property. Therefore, option A is the most accurate explanation of the difference between a building scheme and a restrictive covenant.