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.

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What is an essential feature of an exclusive parking space for a condominium unit?

Shared
Exclusive
Freehold
Leasehold
Common
Designated

The correct answer is: Exclusive

An essential feature of an exclusive parking space for a condominium unit is that it is exclusive to the unit owner. This means that the parking space is designated for the specific unit and cannot be used by any other unit owners or visitors. This exclusivity provides convenience and security for the unit owner, as they have a guaranteed parking spot that is specifically assigned to their unit. The other options are not correct because: A. Shared - This implies that the parking space is not exclusively assigned to a specific unit, but rather shared among multiple units or common use. C. Freehold - Freehold refers to ownership of the land and building, not specifically to a parking space. D. Leasehold - Leasehold refers to rights to use a property for a specific period under a lease agreement, which is not typically how parking spaces in a condominium setting are allocated. E. Common - Common areas in a condominium complex are shared by all unit owners, and parking spaces designated as common would be for general use by all residents. F. Designated - This term is close to the correct term "exclusive," but it does not emphasize the key feature of exclusivity and ownership like the term "exclusive" does.