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!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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Which term describes the combination of individual home units with shared common areas in real estate?

Condominium ownership
Tenancy in common
Leasehold estate
Fee simple ownership

The correct answer is: Condominium ownership

A Condominium ownership combines elements of both individual ownership of a unit and shared ownership of common areas in a real estate property. This is the best description of the term given in the question. B: Tenancy in common refers to multiple owners sharing ownership of a property, but not necessarily with individual units like in a condominium. C: Leasehold estate is a type of ownership where the owner holds a lease for a certain period of time on the property, but does not have ownership rights like in a condominium. D: Fee simple ownership is a type of ownership where the owner has total control and ownership rights over the property, unlike in a condominium where common areas are shared.