Humber/Ontario Real Estate Course 2 Exam Practice

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Which form of ownership involves shared ownership of common areas and individual ownership of units?

  1. Co-op

  2. Freehold

  3. Leasehold

  4. Condominium

  5. Tenancy in common

  6. Joint tenancy

The correct answer is: Condominium

Condominium is the correct answer because it reflects the form of ownership where individuals own their units outright but also jointly own common areas and amenities within the property complex. Each unit owner has control over their specific unit and shares ownership responsibilities for the common areas with the other unit owners. This setup is a defining characteristic of condominium ownership, distinguishing it from other forms of ownership such as co-op, freehold, leasehold, tenancy in common, and joint tenancy.

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