Humber/Ontario Real Estate Course 4 Exam Practice

When a person buys a unit in a standard condominium, what type of ownership do they obtain?

1. A tenancy in common ownership of that unit, as well as a proportionate undivided interest as a joint tenant in the common elements.

2. A fee simple ownership of that unit, as well as a proportionate undivided interest as a tenant in common in the common elements.

3. An exclusive use and occupation of that unit, as well as a proportionate undivided interest as a joint tenant in the common elements.

4. A leasehold ownership of that unit together with a proportionate divided interest as a tenant in common in the common elements.

5. A shared ownership of that unit with the condominium corporation.

6. A fee-simple ownership of that unit with restricted access to common areas.

The correct answer is: A fee simple ownership of that unit, as well as a proportionate undivided interest as a tenant in common in the common elements.

When a person buys a unit in a standard condominium, they obtain a fee simple ownership of that unit, as well as a proportionate undivided interest as a tenant in common in the common elements. This means the individual owns their unit outright and has a share in the common areas of the condominium complex along with the other unit owners. Option A is incorrect because it incorrectly states tenancy in common ownership, whereas in a standard condominium, the ownership is fee simple. Option C is incorrect because it mentions exclusive use and occupation, which is not the same as ownership. Option D is incorrect because leasehold ownership implies that the individual does not own the unit outright, which is not the case in a standard condominium. Option E is incorrect because while unit owners share the common elements with the condominium corporation, they do not have shared ownership of their individual units. Option F is incorrect because fee-simple ownership does not equate to restricted access to common areas.