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
✓ 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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