Humber/Ontario Real Estate Course 1 Exam Practice

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What information does a condominium status certificate include?

Can only be provided to unit owners of that condominium
Includes details specific to an individual unit, as well as the overall condominium corporation
Must be provided within five business days
Can be requested for a $200 fee

The correct answer is: Includes details specific to an individual unit, as well as the overall condominium corporation

A condominium status certificate includes details specific to an individual unit, such as any outstanding fees or assessments that the unit owner is responsible for, as well as information about the overall condominium corporation, such as its financial statements, reserve fund details, insurance coverage, and any ongoing or pending legal issues affecting the corporation. This information is crucial for potential buyers or existing unit owners to understand the financial health and status of the condominium corporation before making any decisions. Option A is incorrect because a condominium status certificate can also be requested by individuals other than unit owners, such as potential buyers or mortgage lenders. Option C is incorrect as there is no specific timeline required by law for providing a condominium status certificate. Option D is incorrect as there is no fixed fee for requesting a condominium status certificate, and the cost can vary depending on the specific condominium corporation and the jurisdiction.