Humber/Ontario Real Estate Course 1 Exam Practice

Which legal document outlines the responsibilities and liabilities of condominium ownership?

1. A status certificate

2. A deed

3. A title search

4. A vendor’s statement

The correct answer is: A status certificate

A status certificate is the correct answer because it is a legal document that provides important information about the condominium corporation, including financial statements, rules and regulations, insurance coverage, and reserve fund details. It outlines the responsibilities and liabilities of condominium ownership for potential buyers or current owners. In contrast, a deed is a legal document used to transfer ownership of real property, but it does not specifically outline the responsibilities and liabilities of condominium ownership. A title search is a review of public records to confirm a property's ownership history, which is not the same as outlining condominium ownership responsibilities. A vendor's statement is a document provided by a seller in a real estate transaction, detailing information about the property being sold, but it also does not specifically outline condominium ownership responsibilities and liabilities.