Which of the following statements about the subdivision of land is TRUE?

1. Land can only be subdivided in compliance with section 73 of the Land Title Act, and regulatory approval is required.
2. The common law rules for subdividing land continue to govern. Fee simple owners can subdivide their land as they please, without any requirement to seek government or regulatory approval.
3. While fee simple owners can subdivide their land without regulatory approval, persons with life estate interests may not do so.
4. Land can no longer be subdivided.