Humber Real Estate - Course 3, Module 1, Introducing Residential Condominiums 2024 Questions and Solutions

Humber Real Estate - Course 3, Module 1, Introducing Residential Condominiums 2024 Questions and Solutions Title - Answer -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. A legal entity that represents the collective interests of its property owners. - Answer -What is the definition of a 'Condominium Corporation'? The condominium board - Answer -Who establishes the rules and bylaws in a condominium? To secure the assets of the corporation and ensure residents live harmoniously. - Answer -What is the aim of condo bylaws and rules? - Freehold - Standard - Freehold - Common Element - Freehold - Vacant Land - Freehold - Phased - Leasehold - Answer -Name the 5 types of 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. - Answer -Describe Freehold - Standard 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. - Answer -Describe Freehold - Common Element 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. - Answer -Describe Freehold - Vacant Land 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. - Answer -Describe Freehold - Phased 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. - Answer -Describe Leasehold condominium ownership. - All condominiums are subject to this act - Regulates the creation, governance and bylaws of condominiums in the prov