Humber Real Estate - Course 4, Module 5: Preparing to Sell Commercial
Condominiums Questions and Answers (100% Pass)
A New Owner Information Certificate (NOIC)
Note: This provides new owners with the most recent Periodic Information Certificate (PIC)
or the most recent Information Certificate Update. NOIC must be sent ASAP and no later
than 30 days after the buyer becomes an owner. - ✔️✔️Whenever a buyer assumes ownership
of a condominium unit, the corporation's board of directors must send what to the new
owner?
Heavy industrial applications - ✔️✔️Industrial condominiums are normally not suitable for
________________________ due to the potential for interference with other unit owners.
Signage, parking areas, shipping and receiving, truck aprons, landscaping, roadways, HVAC,
electrical transformer stations, closed-circuit security systems, sprinklers and fencing. -
✔️✔️What are some common elements of an industrial condominium?
Differing tax rates and increased utilities costs, such as electricity and water. - ✔️✔️Why are
maintenance fees for industrial condominiums often higher than residential condominiums?
The developer, in consultation with the buyer, will finish the space to the specifications of the
buyer so that on closing the buyer will have a "business ready" unit.
The costs of the finishing and customization work that the developer does will be included as
part of the unit purchase price. - ✔️✔️What is a "Turnkey Operation"?
Finish the space themselves - ✔️✔️A buyer may wish to purchase a unit as a "shell space" and
_________________________ or through a contractor.
Rough-in plumbing, electrical work and an HVAC system - ✔️✔️Shell spaces may already
have ____________________________________, which the buyer will finish to their needs
and requirements.
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