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 is one key role an equity co-operative allows its members?

Ownership by way of a share certificate and an occupancy agreement.
Direct involvement in daily management of the building.
Ability to sell individual units in the building.
Exclusive rights to determine property tax rates.
Full control over internal remodeling decisions.
Transferable ownership of land and shared spaces.

The correct answer is: Ownership by way of a share certificate and an occupancy agreement.

An equity co-operative allows its members to have ownership by way of a share certificate and an occupancy agreement. This arrangement gives each member a stake in the cooperative through the ownership of shares, along with an agreement that permits them to occupy a specific unit within the cooperative building. This structure is a key characteristic of equity co-operatives and distinguishes them from other forms of housing ownership. The other options are incorrect as they do not accurately represent the key role of ownership that comes with an equity co-operative.