Ontario Mortgage Agent Practice Exam

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Study for the Ontario Mortgage Agent Exam. Prepare with flashcards and multiple choice questions, each question includes hints and explanations. Get ready for your test!

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How are condominium ownership rights structured?

Condominiums have only common area ownership
Condominiums allow partial ownership based on time
Condominiums involve individual unit and common area ownership
Condominiums grant exclusive land ownership

The correct answer is: Condominiums involve individual unit and common area ownership

Condominium ownership rights are structured to involve both individual unit ownership and common area ownership. This means that owners of condominiums have exclusive rights to their individual units, but also share ownership of common areas such as hallways, elevators, and building amenities with other unit owners. Option A is incorrect because it implies that owners do not have individual unit ownership, which is not the case. Option B is incorrect because it suggests that ownership is based on a specific time period, which is not a defining factor of condominium ownership. Option D is incorrect because it implies that condominiums include exclusive land ownership, which is rarely the case as the land is typically owned by the condominium association.