Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What best describes a condominium?

Is legally described in the condominium bylaws.
Typically has common elements owned as joint tenants by unit owners.
Can only be freehold, not leasehold.
Consists of individually-owned units and common property elements.
Is subject to strict rent control regulations.
Requires a maintenance agreement with a property management company.

The correct answer is: Consists of individually-owned units and common property elements.

A condominium consists of individually-owned units and common property elements. This means each unit owner has legal title to their individual unit while also sharing ownership of common areas such as hallways, elevators, and recreational facilities. Option A is incorrect as the legal description is usually found in the declaration or description document, not just in the bylaws. Option B is incorrect as common elements are typically owned as tenants in common, not joint tenants. Option C is incorrect as a condominium can be either freehold or leasehold. Option E is incorrect as rent control regulations typically apply to rental properties, not condominiums. Option F is incorrect as a maintenance agreement with a property management company is not a requirement for all condominiums.