Humber/Ontario Real Estate Course 3 Exam Practice

Which characteristic correctly describes condominium ownership?

1. Allows for title to an individual unit.

2. Limited to freehold ownership.

3. Does not include any form of concurrent ownership.

4. Is only available in high-rise buildings.

5. Must contain at least 50 units.

6. Only exists in residential buildings.

The correct answer is: Does not include any form of concurrent ownership.

The characteristic that correctly describes condominium ownership is that it allows for title to an individual unit. Condominium ownership involves the ownership of a specific unit within a larger property, along with shared ownership of common areas, such as lobbies, gyms, and gardens. Each unit owner holds a separate title to their individual unit and has a proportional interest in the common areas. This dual aspect of ownership is what distinguishes condominiums from other forms of property ownership, such as traditional single-family homes. The other options present misconceptions about condominium ownership. For example, freehold ownership, while a valid form of ownership, does not apply to condominiums since they involve a mix of both private and shared properties. Additionally, the idea that condominiums do not involve any form of concurrent ownership is incorrect, as ownership in a condominium inherently includes shared interests among multiple owners. The notion that condominiums are only available in high-rise buildings is also misleading, as condominiums can be found in various building types, including townhouses and villas. The requirement of a minimum number of units for a condominium to exist does not apply universally either, as smaller projects can still legally establish condominium structures, and condominium ownership can also be found in non-residential buildings, further dispro