Humber/Ontario Real Estate Course 2 Exam Practice

What kind of ownership does a buyer obtain when purchasing a unit in a standard condominium?

1. A fee simple ownership of that unit, as well as a proportionate undivided interest as a tenant in common in the common elements

2. A joint tenancy ownership of that unit, as well as a leasehold interest in the common elements

3. An exclusive use ownership of that unit, with no interest in the common elements

4. A tenancy in common ownership of that unit, as well as a proportionate divided interest in the common elements

5. A leasehold ownership of the unit along with a divided interest in the common elements

6. Tenant-in-common ownership of the entire property with proportional interests

The correct answer is: A joint tenancy ownership of that unit, as well as a leasehold interest in the common elements

When a buyer purchases a unit in a standard condominium, they obtain a joint tenancy ownership of that unit, as well as a leasehold interest in the common elements. Option A is incorrect because although the buyer has a fee simple ownership of the unit, they also have a proportionate undivided interest in the common elements, not as a tenant in common. Option C is incorrect because the buyer does not have exclusive use ownership of the unit, as they share ownership with other unit owners. Option D is incorrect because the ownership structure is not a tenancy in common, but a joint tenancy. Option E is incorrect because the buyer does not have a leasehold ownership of the unit; rather, they have joint tenancy ownership. Option F is incorrect because the buyer does not have tenant-in-common ownership of the entire property; they have joint tenancy ownership of their specific unit.