Humber Real Estate - Course 3, Module 1, Introducing Residential Condominiums Questions and Answers Graded A

Humber Real Estate - Course 3, Module 1, Introducing Residential Condominiums Questions and Answers Graded A Condominium owners hold ______ to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation. Title What is the definition of a 'Condominium Corporation'? A legal entity that represents the collective interests of its property owners. Who establishes the rules and bylaws in a condominium? The condominium board What is the aim of condo bylaws and rules? To secure the assets of the corporation and ensure residents live harmoniously. Name the 5 types of condominium ownership. - Freehold - Standard - Freehold - Common Element - Freehold - Vacant Land - Freehold - Phased - Leasehold Describe Freehold - Standard condominium ownership. Owners own their unit and an interest in the property's common elements which cannot be separated from the ownership of the unit. Describe Freehold - Common Element condominium ownership. Contains no units but has common elements such as roads or a community centre. Owners own their house and land it sits on (parcel of tied land, aka POTL), and share in the ownership and expenses of the common elements. Describe Freehold - Vacant Land condominium ownership. When a builder registers the corporation before the condominium units are constructed and sold. Title is transferred to buyers with the commitment that homes and other structures will be built at a later time. The declaration contains restrictions concerning future construction such as building size, design, standards and the approximate completion dates. The owner's share of interest in the condominium corporation is based on the size of their land unit. Describe Freehold - Phased condominium ownership. When a builder sells units in the property and reserves the right to create additional units or common elements in future stages of development under the same condominium corporation. Describe Leasehold condominium ownership. A condominium on a piece of land that is rented for a term from 40 years to 99 years vs. a freehold condominium. It's located on a piece of land owned by the condominium corporation. The lease can be traded or mortgaged. Describe the Condominium Act, 1998. - All condominiums are subject to this act - Regulates the creation, governance and bylaws of condominiums in the province - Significantly revised in 2015 for the first time in over 16 years Describe the Protecting Condominium Owners Act, 2015. - This bill amends the Condominium Act and the Ontario New Home Warranties Plan Act - Implements the Condominium Management Services Act, 2015 and makes changes to other related legislation - Establishes 2 delegated administrative authorities: The Condominium Authority of Ontario and The Condominium Management Regulatory Authority of Ontario What were the 2 delegated administrative authorities established by the Protecting Condominium Owners Act, 2015? - The Condominium Authority of Ontario - The Condominium Management Regulatory Authority of Ontario When are condominium corporations legally created? When the declarant (usually a builder) files a declaration and description at the Land Registry Office. When a condominium corporation is registered at the Land Registry Office, what information is included in the Condominium Declaration? - Street and mailing address of the condo - Statement that the Condominium Act governs - Consent of all registered mortgagees - Proportionate share of common elements assigned to each unit - Proportionate contribution of unit owners to common expenses - Common elements for designated units (exclusive use