HUMBER REAL ESTATE - COURSE 3, MODULE 1, INTRODUCING RESIDENTIAL CONDOMINIUMS QUESTIONS AND CORRECT ANSWERS VERIFIED LATEST GRADE A +

HUMBER REAL ESTATE - COURSE 3, MODULE 1, INTRODUCING RESIDENTIAL CONDOMINIUMS QUESTIONS AND CORRECT ANSWERS VERIFIED LATEST GRADE A +
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. -
CORRECT ANSWER>>>Title
What is the definition of a 'Condominium Corporation'? -
CORRECT ANSWER>>>A legal entity that represents the
collective interests of its property owners.
Who establishes the rules and bylaws in a condominium? -
CORRECT ANSWER>>>The condominium board
What is the aim of condo bylaws and rules? - CORRECT
ANSWER>>>To secure the assets of the corporation and ensure
residents live harmoniously.
Name the 5 types of condominium ownership. - CORRECT
ANSWER>>>- Freehold - Standard
- Freehold - Common Element
- Freehold - Vacant Land
- Freehold - Phased
- Leasehold
Describe Freehold - Standard condominium ownership. -
CORRECT ANSWER>>>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. -
CORRECT ANSWER>>>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. -
CORRECT ANSWER>>>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. -
CORRECT ANSWER>>>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. - CORRECT
ANSWER>>>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. - CORRECT
ANSWER>>>- All condominiums are subject to this act
- Regulates the creation, governance and bylaws of
condominiums in the province

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