Humber/Ontario Real Estate Course 1 Exam Practice

Which of the following statements is NOT correct regarding ownership types in the Ontario marketplace?

1. The cooling off period to cancel a timeshare agreement is seven business days

2. Mobile home parks are regulated under the Residential Tenancies Act

3. A marine operator's permit isn't required for all houseboats

4. The buyer of a timeshare can cancel within the first year if they haven't received a copy of the agreement

5. Condos are subject to the Condominium Act

6. Co-op housing allows for direct ownership of housing units

The correct answer is: The cooling off period to cancel a timeshare agreement is seven business days

The statement in option A is incorrect because the cooling off period to cancel a timeshare agreement is not seven business days. In fact, the cooling off period is 10 calendar days in Ontario. Option B, C, D, and E are all correct statements about ownership types in the Ontario marketplace. Option F, however, is not a correct statement because co-op housing does not allow for direct ownership of housing units. In co-op housing, residents own shares in the co-operative corporation, giving them the right to occupy a unit in the co-operative. Therefore, option F is the NOT correct statement regarding ownership types in the Ontario marketplace.