Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Which of the following is generally considered a fixed cost in property ownership?

Repairs and maintenance
Property insurance
Property taxes
Utilities
Gardening services
Cleaning services

The correct answer is: Property taxes

Property taxes are generally considered a fixed cost in property ownership because they are set by the municipal government and remain the same regardless of the property's condition or usage. Property taxes are based on the assessed value of the property and are typically paid annually. In comparison, repairs and maintenance, gardening services, and cleaning services are variable costs that can fluctuate based on the property's condition and the owner's preferences. Property insurance, although a necessary expense, is not considered a fixed cost as the premiums can vary based on the coverage amount and the insurance provider. Utilities such as water, electricity, and gas bills are also variable costs that can change based on usage.