Humber/Ontario Real Estate Course 4 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 4 Exam with our comprehensive practice tests. Study with flashcards and multiple-choice questions, complete with hints and detailed explanations. Achieve success on your real estate licensing journey!

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What is a key difference between condominium ownership and equity co-operative ownership?

Condominiums are managed by a board of directors; co-operatives are not.
Condominiums charge monthly fees; co-operatives do not.
Condominiums allow ownership participation; co-operatives do not.
Condominium unit owners can sell their specific units; co-operative owners cannot.
Condominium units cannot be rented; co-operative units can.
Co-operatives offer tax benefits; condominiums do not.

The correct answer is: Condominium unit owners can sell their specific units; co-operative owners cannot.

The key difference between condominium ownership and equity co-operative ownership lies in the ability to sell specific units. In a condominium, unit owners have the right to sell their individual units independently. On the other hand, in a co-operative ownership structure, owners do not own specific units; instead, they own shares in the cooperative corporation, and this share ownership does not translate directly to ownership of a particular unit. This distinction is crucial because it affects the flexibility and ease of transferring ownership in these two types of properties.