Humber/Ontario Real Estate Course 3 Exam Practice

What legal document conveys shared ownership in a condominium setup?

1. Share certificate

2. Leasehold agreement

3. Title registration

4. Deed of ownership

5. Interest certificate

6. Ownership permit

The correct answer is: Title registration

The legal document that conveys shared ownership in a condominium setup is title registration. In the context of condominiums, ownership is typically structured as a form of collective ownership where individuals hold title to their specific units while sharing ownership of common elements. Title registration formalizes this individual ownership by creating a public record that identifies the unit owner and their interest in the property. In a condominium, each unit owner has a distinct title registered with the appropriate authority, reflecting their percentage of ownership in the common areas of the condominium. This system ensures that all rights, responsibilities, and interests of unit owners are clearly delineated and legally recognized. Other options such as share certificates or interest certificates are more commonly associated with cooperative housing rather than condominiums. Leasehold agreements pertain to leasing arrangements rather than ownership, while a deed of ownership is a general term that may not specifically pertain to the structure of condo ownership in this context. An ownership permit isn't typically recognized as a standard legal document for this purpose either. Thus, title registration stands out as the accurate and relevant legal document for conveying shared ownership in a condominium setup.