Humber/Ontario Real Estate Course 3 Exam Practice

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What type of condominium does a homeowner have if their ownership interest in a golf course is tied to the condominium?

Common Element Condominium
Common Interest Condominium
Parcel of Tied Land Condominium
Phased Condominium

The correct answer is: Parcel of Tied Land Condominium

In this scenario, the correct answer is "Parcel of Tied Land Condominium." This type of condominium allows a homeowner to have their ownership interest tied to a specific parcel of land, such as a golf course in this case. The distinctive feature of a Parcel of Tied Land Condominium is that it includes ownership of a separate parcel of land that is not physically attached to the building itself. Common Element Condominium refers to when owners collectively own the building and property in common, with their individual units forming part of the whole property. Common Interest Condominium involves the ownership of a unit within a building, along with a shared interest in the common elements of the property. Phased Condominium pertains to a condominium development that is constructed and registered in multiple phases, with each phase being considered a separate condominium until the entire project is completed.