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!

Practice this question and more.

What concept is Salesperson Hayward explaining when describing individual ownership of a unit and shared ownership of common areas in a multi-unit property?

Co-operative ownership
Co-ownership
Condominium ownership
Joint tenancy
Leasehold ownership
Partnership ownership

The correct answer is: Condominium ownership

Salesperson Hayward is describing condominium ownership. In a condominium ownership structure, each unit owner has individual ownership of their own unit while also sharing ownership of the common areas with other unit owners. This concept aligns with the description provided in the question. Options A, B, D, E, and F do not accurately depict the ownership structure described in the question. Co-operative ownership typically involves owning shares in a corporation that owns the property, co-ownership refers to joint ownership of a property by multiple individuals, joint tenancy involves shared ownership with rights of survivorship, leasehold ownership involves leasing the property rather than owning it outright, and partnership ownership involves co-ownership of a property by partners in a business.