Humber/Ontario Real Estate Course 3 Exam Practice

One similarity between land lease and life lease communities in Ontario is:

1. Both are primarily for senior citizens only.

2. Both residents typically pay for various ongoing services in their respective communities.

3. Both operate solely on a rental basis.

4. Both are regulated under the Residential Tenancies Act.

5. Both typically require a non-profit or charitable organization sponsor.

6. Both allow residents to have full ownership of their units.

The correct answer is: Both are primarily for senior citizens only.

The correct answer reflects a common characteristic shared by land lease and life lease communities in Ontario. Both types of communities are designed with a primary focus on accommodating senior citizens, catering to their unique needs for housing and associated amenities. This specialization is prevalent in these communities, as they often provide a supportive environment that addresses the lifestyle preferences and requirements of older adults, including accessibility features, social activities, and community engagement. This focus on serving senior citizens distinguishes these lease arrangements from other housing options, making such communities appealing for this demographic. While other answers address aspects of these housing models, the specific emphasis on catering to senior citizens is a defining feature that stands out.