Humber/Ontario Real Estate Course 2 Exam Practice

What best describes Ms. Bisset's interest in a life lease project developed by her local church?

1. Would be given ownership of the property.

2. Would confirm her intent to stay in the unit annually.

3. Would have a lifetime right to live in the unit.

4. Would hold fee simple interest in the property.

5. Would lease the unit for a fixed term period.

6. Would not be responsible for property taxes.

The correct answer is: Would have a lifetime right to live in the unit.

Ms. Bisset's interest in a life lease project developed by her local church would involve a lifetime right to live in the unit. In a life lease, the individual purchases the right to occupy a unit for life, without actually owning the property. This differs from owning the property outright (option A) or holding fee simple interest in the property (option D). It is also different from confirming intent to stay annually (option B) or leasing the unit for a fixed term period (option E). Additionally, in a life lease situation, the resident typically remains responsible for property taxes (option F). Therefore, the correct answer is that Ms. Bisset would have a lifetime right to live in the unit.