Ontario Mortgage Agent Practice Exam

What rights does a fee simple owner have over real property?

1. Control for a fixed period of time

2. Right to inherit the property

3. Control for as long as owned, subject to obligations and interests

4. Transfer only through a will

The correct answer is: Control for as long as owned, subject to obligations and interests

A fee simple owner holds the highest form of property ownership and has the right to control and use the property for as long as they own it. This includes the right to sell, lease, or mortgage the property, as well as the right to pass it on to their heirs through inheritance. Option A is incorrect because it mentions a fixed period of time, which does not apply to fee simple ownership. Option B is also incorrect as inheriting the property is a separate right, and not inherent to fee simple ownership. Option D is incorrect as a fee simple owner has the right to transfer the property through various means, not just through a will. Therefore, option C is the most accurate and comprehensive answer.