Ontario Mortgage Agent Practice Exam

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What is an easement and how does it impact property rights?

Easements grant ownership rights over common areas
Easements are restrictions on property use
Easements grant the right to use another's property
Easements eliminate property ownership

The correct answer is: Easements grant the right to use another's property

An easement is a legal agreement that grants someone the right to use a portion of another person's property for a specific purpose. This includes using a shared driveway or crossing over a piece of land to access a lake or property. Easements do not grant ownership rights over common areas (option A) nor do they eliminate property ownership (option D). Easements also should not be confused with restrictions on property use (option B), which are limitations placed on a property owner's use of their own land. Overall, easements are important considerations when purchasing or developing a property as they can impact its use and value.