Humber/Ontario Real Estate Course 4 Exam Practice

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What type of property interest is described when someone owns a specific unit in a larger building but shares ownership of common areas?

Co-operative ownership
Fully separate ownership
Strata ownership
Tenants in common
Timeshare ownership
Unit ownership

The correct answer is: Strata ownership

Strata ownership differs from co-operative ownership in that it allows for individual ownership of specific units in a larger building, while still sharing ownership of common areas. Fully separate ownership would not involve any shared ownership of common areas. Tenants in common typically refers to joint ownership of a property by multiple individuals, not just one unit in a building. Timeshare ownership typically involves shared ownership of a property for a certain period of time, rather than permanent ownership of a specific unit. Unit ownership is another term for strata ownership, so it is not a distinct type of property interest."