Humber/Ontario Real Estate Course 4 Exam Practice

How is a condominium typically structured?

1. It can be only freehold and not leasehold.

2. It usually involves common elements owned by unit owners as joint tenants.

3. It includes individually-owned units and shared common property.

4. It is legally described in the condominium bylaws.

5. It must have all units and common elements owned by the same entity.

6. It requires a cooperative governance model.

The correct answer is: It includes individually-owned units and shared common property.

A condominium is typically structured to include individually-owned units alongside shared common property. Each unit is owned by an individual, giving them full control over that space, while common areas—such as hallways, elevators, and recreational facilities—are jointly owned by all unit owners, usually in equal shares. This structure helps foster a community where individuals have personal property rights while also sharing responsibility and maintaining common areas. The concept of having both individually-owned units and shared property aligns with the fundamental principles of condominium ownership, differentiating it from other forms of property ownership like cooperatives or apartment rentals. This structure allows for a balance between private ownership and communal living, making it a popular choice in urban settings. Understanding this framework is essential for recognizing the rights and responsibilities of condominium owners in terms of governance, maintenance, and overall community living.