HUMBER REAL ESTATE - COURSE 3, MODULE 1,
INTRODUCING RESIDENTIAL CONDOMINIUMS
QUESTIONS AND CORRECT ANSWERS VERIFIED
LATEST 2023-2024 GRADE 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. - CORRECT ANSWER >>>Title
What is the definition of a 'Condominium Corporation'? - CORRECT ANSWER >>>A legal entity that represents the collective interests of its property owners.
Who establishes the rules and bylaws in a condominium? - CORRECT ANSWER >>>The condominium board
What is the aim of condo bylaws and rules? - CORRECT ANSWER>>>To secure the assets of the corporation and ensure residents live harmoniously.
Name the 5 types of condominium ownership. - CORRECT ANSWER>>>- Freehold - Standard
- Freehold - Common Element
- Freehold - Vacant Land
- Freehold - Phased
- Leasehold
Describe Freehold - Standard condominium ownership. - CORRECT ANSWER >>>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. - CORRECT ANSWER >>>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. - CORRECT ANSWER >>>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. - CORRECT ANSWER >>>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. - CORRECT ANSWER>>>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. - CORRECT ANSWER>>>- 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. - CORRECT ANSWER >>>- 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? - CORRECT ANSWER>>>- The Condominium Authority of Ontario
- The Condominium Management Regulatory Authority of Ontario
