Humber/Ontario Real Estate Course 1 Exam Practice

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The Standard Form Agreement of Purchase and Sale for condominiums includes provisions for which type of insurance?

Flood Insurance
Title Insurance
Condominium Corporation's Insurance
Personal Liability Insurance

The correct answer is: Condominium Corporation's Insurance

The Standard Form Agreement of Purchase and Sale for condominiums includes provisions for Condominium Corporation's Insurance. This type of insurance is specifically designed to cover common areas and shared spaces in condominium complexes, such as lobbies, hallways, and swimming pools. This is different from personal liability insurance (option D), which covers an individual's liability and property within the unit. Flood insurance (option A) may be necessary in certain areas, but it is usually the responsibility of the individual owner. Title insurance (option B) is also important, but it specifically protects the buyer against any defects or issues with the title of the property, and is not related to insurance for the condominium itself.