Ontario Mortgage Agent Practice Exam 2025 – Your All-in-One Guide to Exam Success!

Condominium ownership is a specific type of ownership arrangement that allows individuals to own their individual units within a multi-unit building while sharing ownership of common areas, such as hallways, pools, and landscaping, with other unit owners. Importantly, in a condominium setup, the ownership extends to the land on which the entire condominium complex is situated. This structure provides the benefit of individual ownership of living space while also fostering a sense of community through shared amenities and responsibilities.

This ownership model is distinct from others mentioned in the question. For example, tenancy in common allows individuals to hold a share in a property but does not typically include ownership of designated individual units; instead, each owner has an undivided interest in the entire property. In a leasehold estate, the individual owns the rights to use a property for a specified period but does not own the land itself; the land is typically owned by a lessor. Fee simple ownership provides the most comprehensive ownership rights over real estate, including both the building and the land, but does not specifically imply a shared ownership structure as in condominiums. Thus, condominium ownership stands out as the correct answer for describing ownership of individual home units along with the land they are situated upon.