Humber/Ontario Real Estate Course 2 Exam Practice

What is true about condominium ownership?

1. It is limited to freehold ownership.

2. It is restricted to high-rise buildings.

3. It allows for title to an individual unit.

4. It does not include any form of concurrent ownership.

5. It excludes the need for individual insurance policies.

6. It involves co-ownership of the entire building.

The correct answer is: It allows for title to an individual unit.

Condominium ownership allows for title to an individual unit, which means that owners have legal ownership over their specific unit within the condominium complex. This is a fundamental aspect of condominium ownership where individuals have ownership rights to their unit while also sharing the ownership of common elements and areas with other unit owners. Options A, B, D, E, and F are incorrect: A. Condominium ownership is not limited to freehold ownership as it can include leasehold ownership as well. B. Condominiums can come in different forms and are not necessarily restricted to high-rise buildings. They can be low-rise or townhouse complexes as well. D. Condominium ownership typically includes concurrent ownership of common elements within the complex. E. Individual insurance policies are often required for condominium owners to protect their personal property located within their unit and to provide liability coverage. F. While there is shared ownership of common elements in a condominium complex, individual unit owners do not co-own the entire building as suggested in this option.