Humber/Ontario Real Estate Course 4 Exam Practice

What is a buyer likely to face when purchasing a heritage property?

1. Must seek municipal approval for the purchase

2. Only external changes need municipal heritage committee approval

3. Possible deprivation of certain ownership rights

4. No restrictions on home use

5. Full freedom for internal renovations

6. No need for any external approvals

The correct answer is: Possible deprivation of certain ownership rights

When purchasing a heritage property, a buyer is likely to face possible deprivation of certain ownership rights. Heritage properties are often subject to specific regulations and protections designed to preserve their historical, architectural, or cultural significance. This means that owners may be restricted in what they can do with the property, such as making alterations, demolishing structures, or changing the property’s appearance. These restrictions can vary depending on local heritage preservation laws and guidelines, which aim to maintain the property's character and integrity for future generations. As a result, while buyers may enjoy ownership of the property, they must also navigate these limitations, which can impact their ability to use or modify the property as they see fit. The other options do not accurately reflect the complexities involved in owning a heritage property. Municipal approvals may be required for various changes, not just externally; there are often restrictions on both external and internal renovations; and buyers cannot expect complete freedom in how they use or renovate the property due to the heritage designations that apply.