Humber/Ontario Real Estate Course 2 Exam Practice

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Buyer Luciani is considering purchasing a condominium that lacks any residential units. How is this condominium categorized?

Common elements condominium
Common property condominium
Industrial condominium
Luxury condominium
Proportionate share condominium
Residential freehold condominium

The correct answer is: Common elements condominium

This condominium is categorized as a "Common elements condominium." In this type of condominium, all units within the property have access to shared common elements such as hallways, elevators, parking lots, and recreational facilities. The fact that it lacks any residential units indicates that the focus is on the common elements rather than individual living spaces. Option B, Common property condominium, refers to a type where units individually own the interior space while certain areas like the land and building exteriors are owned in common. Option C, Industrial condominium, are typically zoned for commercial and industrial use, not residential. Option D, Luxury condominium, refers more to the quality or luxurious amenities of the building rather than the specific type of ownership structure. Option E, Proportionate share condominium, indicates that each unit owner has a share in the ownership of the entire property based on their unit's size and value. Option F, Residential freehold condominium, typically includes individual residential units rather than focusing solely on common elements.