Humber/Ontario Real Estate Course 4 Exam Practice

If a property has no individual units but includes common features like a pool and gym, it is known as a:

1. Common property condominium

2. Proportionate share condominium

3. Residential freehold condominium

4. Common elements condominium

5. Mixed-use condominium

6. Shared spaces condominium

The correct answer is: Common elements condominium

The term "common elements condominium" accurately describes a property structure where there are no individual units owned but common features are shared by the residents, such as a pool, gym, or other amenities. In this context, the owners collectively own the common features and areas while not having distinct units for private ownership. This aligns with how such properties are often governed, where the maintenance and management of these common areas are typically managed by a condominium corporation or association. Each owner generally holds an undivided interest in these shared spaces, which reinforces the concept of a common elements condominium. Other terms presented such as "common property condominium" and "residential freehold condominium" may imply different ownership structures or terminology that doesn't align precisely with the definition of a property featuring shared amenities without individual ownership units. Similarly, "mixed-use condominium" suggests a blend of residential and commercial spaces, which differs from the focus on shared amenities.