Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam with our comprehensive quiz. Test your understanding with multiple choice questions and detailed explanations. Build confidence and knowledge for a successful exam experience!

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What can a buyer own in a standard condominium arrangement?

A share in common elements as a tenant in common
Fee simple ownership of the unit
Leasehold interest excluding common areas
Common elements separately from the unit
Part ownership with limited control
Exclusive rights to improvements made

The correct answer is: A share in common elements as a tenant in common

In a standard condominium arrangement, buyers predominantly own their unit in fee simple ownership but also hold a share in common elements as a tenant in common. This means that while they have complete ownership of their individual unit, they also collectively own the common elements with the other condominium owners. This joint ownership ensures that the common areas such as hallways, elevators, and amenities are maintained and managed for the benefit of all unit owners. This ownership structure allows the unit owners to have a say in the management and upkeep of the shared spaces within the condominium development.