Humber/Ontario Real Estate Course 3 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Humber/Ontario Real Estate Course 3 Exam. Study with challenging questions and detailed explanations to enhance your understanding. Get ready to excel in your exam!

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.

Buyer Johnson is contemplating the purchase of a condominium that does not have any units. This is known as a:

Common property condominium.
Common elements condominium.
Proportionate share condominium.
Residential freehold condominium.
Non-residential condominium.
Shared facilities condominium.

The correct answer is: Common elements condominium.

In the context of condominiums, a property that is classified as having no units refers to a structure or development where ownership is based on common elements rather than private residential units. This classification aligns with the term "common elements condominium." In a common elements condominium, the individual owners do not own specific units but instead hold a shared interest in the common areas which may include amenities such as hallways, gardens, or recreational facilities. This model is particularly useful in developments where the focus is on shared resources rather than individual ownership of separate residential spaces. Understanding this term is important for buyers and investors as it shapes how ownership, maintenance responsibilities, and rights to use the facilities are structured within the condominium. Various other types of condominiums mentioned in the other options typically involve the ownership of individual units or specific arrangements that do not fit the description given in the question. Hence, recognizing the definition of a common elements condominium is crucial for understanding ownership types within the real estate sector.