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Humber Real Estate - Course 3, Module 1, Introducing Residential Condominiums Questions and Correct Answers (100% Pass) CA$20.84   Add to cart
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Humber Real Estate - Course 3, Module 1, Introducing Residential Condominiums Questions and Correct Answers (100% Pass)
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Humber Real Estate - Course 3, Module 1, Introducing Residential Condominiums Questions and Correct Answers (100% Pass)

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Document information

  • November 2, 2024
  • 68
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • humber real estate course 3 module 1
  • condominium owners hold to their private li
  • what is the definition of a condominium corporati
  • who establishes the rules and bylaws in a condomin

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  • Humber Real Estate
  • Humber Real Estate

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1|Page | © copyright 2024/2025 | Grade A+




Humber Real Estate - Course 3,
Module 1, Introducing Residential
Condominiums Questions and
Correct Answers (100% Pass)
Condominium owners hold ______ to their private living space (unit) and

share ownership jointly of the common areas (common elements) with other

owners in the condominium corporation.


✓ Title




What is the definition of a 'Condominium Corporation'?


✓ A legal entity that represents the collective interests of its property

owners.




Who establishes the rules and bylaws in a condominium?


✓ The condominium board




What is the aim of condo bylaws and rules?


✓ To secure the assets of the corporation and ensure residents live

harmoniously.




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

Name the 5 types of condominium ownership.


✓ - Freehold - Standard

✓ - Freehold - Common Element

✓ - Freehold - Vacant Land

✓ - Freehold - Phased

✓ - Leasehold




Describe Freehold - Standard condominium ownership.


✓ Owners own their unit and an interest in the property's common

elements which cannot be separated from the ownership of the unit.




Describe Freehold - Common Element condominium ownership.


✓ Contains no units but has common elements such as roads or a

community centre. Owners own their house and land it sits on (parcel

of tied land, aka POTL), and share in the ownership and expenses of

the common elements.




Describe Freehold - Vacant Land condominium ownership.




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ When a builder registers the corporation before the condominium units

are constructed and sold.

✓

✓ Title is transferred to buyers with the commitment that homes and other

structures will be built at a later time. The declaration contains

restrictions concerning future construction such as building size, design,

standards and the approximate completion dates.

✓

✓ The owner's share of interest in the condominium corporation is based

on the size of their land unit.




Describe Freehold - Phased condominium ownership.


✓ When a builder sells units in the property and reserves the right to

create additional units or common elements in future stages of

development under the same condominium corporation.




Describe Leasehold condominium ownership.




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ A condominium on a piece of land that is rented for a term from 40

years to 99 years vs. a freehold condominium. It's located on a piece of

land owned by the condominium corporation.

✓

✓ The lease can be traded or mortgaged.




Describe the Condominium Act, 1998.


✓ - All condominiums are subject to this act

✓

✓ - Regulates the creation, governance and bylaws of condominiums in

the province

✓

✓ - Significantly revised in 2015 for the first time in over 16 years




Describe the Protecting Condominium Owners Act, 2015.




Master01 | October, 2024/2025 | Latest update

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