Humber/Ontario Real Estate Course 3 Exam Practice

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What term describes designated parking spaces for a condominium unit?

Assigned
Community
Exclusive
Freehold
Leasehold
Shared

The correct answer is: Exclusive

The term that accurately describes designated parking spaces for a condominium unit is "exclusive." In the context of condominiums, exclusive parking spaces are specifically allocated for the use of particular unit owners, ensuring that those owners have access to designated areas for their vehicles. This designation provides clear rights to the space, separating it from common areas that may be shared among residents. "Assigned" could also be relevant in a broader context, as it refers to parking spaces allocated to specific unit owners; however, "exclusive" emphasizes the property rights aspect more clearly. The other terms such as "community," "freehold," "leasehold," and "shared" describe various forms of property ownership and management but do not specifically convey the notion of a parking space designated for the sole use of an individual condominium owner. Therefore, "exclusive" is the most appropriate term for designated parking in a condominium setting.