Humber/Ontario Real Estate Course 3 Exam Practice

Which feature typically defines a condominium property?

1. It shares walls and common areas with other units.

2. It includes individual ownership of the land.

3. It mandates monthly maintenance fees without exceptions.

4. It requires homeowners to handle all external repairs themselves.

5. It offers no amenities such as pools or gyms.

6. It is restricted to high-rise buildings.

The correct answer is: It shares walls and common areas with other units.

A condominium property is typically characterized by the shared ownership aspect of individual units within a larger complex. Unit owners typically possess their individual living space, while jointly owning the common areas like hallways, elevators, and recreational facilities with other residents. This arrangement is fundamental to the concept of a condominium, distinguishing it from single-family homes or townhouses that do not involve shared ownership of common spaces. Having individual ownership of land is not a defining characteristic of condominiums, as the land is often owned collectively by all the unit owners through a legal structure known as a condominium corporation. While monthly maintenance fees are commonly associated with condominiums to cover expenses for these shared spaces and amenities, they are not universally mandated without options. Homeowners in a condo association generally do not handle external repairs independently, as this responsibility typically falls upon the condominium corporation. Additionally, condominiums can come in various forms, including low-rise and high-rise buildings, and may often feature amenities like pools and gyms, contradicting the notion that they offer none.