Humber/Ontario Real Estate Course 2 Exam Practice

What ownership interest do unit owners in a condominium have?

1. Joint tenants of common elements

2. Individual ownership of parking spaces

3. Ownership in common elements as tenants in common

4. Proportionate interest detailed in condominium rules

5. Exclusive interest in their property only

6. Individual leaseholds on shared properties

The correct answer is: Ownership in common elements as tenants in common

Unit owners in a condominium have ownership in the common elements as tenants in common. This means that each unit owner has a shared ownership interest in the common areas of the condominium complex, such as the lobby, hallways, pool, and gym. This shared ownership allows unit owners to collectively make decisions regarding these shared spaces and to collectively bear the costs associated with their maintenance and upkeep. The other options are incorrect because: - Option A: Joint tenants typically refer to simultaneous ownership of the whole property with right of survivorship, which is not the case in condominium ownership. - Option B: While parking spaces are typically assigned to unit owners, they do not represent individual ownership as they are considered part of the common elements. - Option D: While condominium rules may outline the proportionate interest of unit owners, the ownership interest itself is based on tenancy in common. - Option E: Unit owners have ownership rights not only to their individual unit but also to the common elements. - Option F: Condominium unit owners do not hold leaseholds, as they have ownership rights specified in the condominium declaration.