Humber course 3 module 1 Questions and Answers
Condominium Corporation
Legal enitity that represents the collective intereste of its property owners
Condominium Act Of Ontario
Regulates the creation governance and bylaws of the condominiums
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Humber course 3 module 1 Questions
and Answers
Condominium Corporation - answer Legal enitity that represents the collective
intereste of its property owners
Condominium Act Of Ontario - answer Regulates the creation governance and
bylaws of the condominiums
- answer Amend the condominium act and an Ontario new home warranty plan act
Two Condominium authorities - answer The condominium authority of Ontario and
the condominium management regulatory authority of Ontario
When is a condominium created - answer After registration of declaration and
description
Declaration - answer Details about proportionate share of each unit of common
elements and share of expenses
Description - answer Documents that provide diagrammatic presentation ;
architectural plans, survey is describing the property, units, shapes, dimensions,
location of each unit
Governs - answer Governed by a board of director which authority mix and enforce
byelaws and rules
Freehold standard condominium - answer Owners have exclusive ownership of the
unit in common and trust of the common elements
Common element - answer Space used by all owners which they share the
maintenance cost according to the proportionate square footage of the unit
Freehold common element - answer Consist only only common elements but has no
units, the golf course, a ski hill. The land is tied to the common elements therefore it
cannot be sold separately
Freehold vacant land - answer Unit is just a piece of land where do you live rubber
can build structures, Facilities and service
Freehold phased - answer operate as a freehold corporation in which a builder may I
add or create additional units common elements in phases
, Leasehold condominium - answer All units in common elements are situated on a
leased land of term 40 to 90 years
Shared facility agreement - answer Mixed use building in urban areas residential
units are located up of a retail or commercial unit
Apartment condominiums style - answer Rise building have a five or more stories of
elevators or as low rise buildings have up to four stories
Exclusive use common element - answer Unit owners have the right to exclusivity on
part of the commen elements in the declaration
Parking types - answer Freehold: unit owner owns Space on the title
Please hold: Corporation on space and leases it to the owners
Exclusive use: Corporation owns space space for grants rights per declaration
Allocated/assigned: Corporation it was a space in a size up to the unit owners
Appeal of living in a condominium - answer Specific lifestyles
Freedom of maintenance
Security
Amenities
Corporation and unit assurance costs are usually lower
Unpaid condominium fees consequences - answer Yeah he could be registered to
the unit and on or you lose is voting right
The corporation may not have the right to sell the unit
Personal liability - answer Liable for the death of the condominium, deficiency in the
wrist fun, there may be a special assessments
Obligations and limitations - answer Condominium fees, personal liability,
disagreements with the management, rules and bylaws, making changes
New rules - answer 15% of unit owners must request for meetings rules become
effective when a majority of the unit always vote in favour if no meeting was requested
the rules becomes effective automatically
Condominium Act - answer Governs The creation and governance of condominiums
in Ontario it will defined roles and responsibilities a Board of Directors
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