Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam. Our comprehensive quiz includes various question types that will help reinforce your understanding. Gain confidence and excel in your real estate career!

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What can a buyer own in a standard condominium arrangement?

  1. A share in common elements as a tenant in common

  2. Fee simple ownership of the unit

  3. Leasehold interest excluding common areas

  4. Common elements separately from the unit

  5. Part ownership with limited control

  6. Exclusive rights to improvements made

The correct answer is: A share in common elements as a tenant in common

In a standard condominium arrangement, buyers predominantly own their unit in fee simple ownership but also hold a share in common elements as a tenant in common. This means that while they have complete ownership of their individual unit, they also collectively own the common elements with the other condominium owners. This joint ownership ensures that the common areas such as hallways, elevators, and amenities are maintained and managed for the benefit of all unit owners. This ownership structure allows the unit owners to have a say in the management and upkeep of the shared spaces within the condominium development.

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