Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 2 Exam with our comprehensive quiz that covers essential concepts and topics. Enhance your understanding with multiple choice questions designed to test your knowledge and boost your confidence before the exam.

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What concept is Salesperson Hayward explaining when describing individual ownership of a unit and shared ownership of common areas in a multi-unit property?

  1. Co-operative ownership

  2. Co-ownership

  3. Condominium ownership

  4. Joint tenancy

  5. Leasehold ownership

  6. Partnership ownership

The correct answer is: Condominium ownership

Salesperson Hayward is describing condominium ownership. In a condominium ownership structure, each unit owner has individual ownership of their own unit while also sharing ownership of the common areas with other unit owners. This concept aligns with the description provided in the question. Options A, B, D, E, and F do not accurately depict the ownership structure described in the question. Co-operative ownership typically involves owning shares in a corporation that owns the property, co-ownership refers to joint ownership of a property by multiple individuals, joint tenancy involves shared ownership with rights of survivorship, leasehold ownership involves leasing the property rather than owning it outright, and partnership ownership involves co-ownership of a property by partners in a business.

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