Humber Real Estate - Course 3, Module 1, Introducing Residential
Condominiums (Practice Questions and Answers)
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. - ✔️✔️Title
What is the definition of a 'Condominium Corporation'? - ✔️✔️A legal entity that represents
the collective interests of its property owners.
Who establishes the rules and bylaws in a condominium? - ✔️✔️The condominium board
What is the aim of condo bylaws and rules? - ✔️✔️To secure the assets of the corporation and
ensure residents live harmoniously.
Name the 5 types of condominium ownership. - ✔️✔️- Freehold - Standard
- Freehold - Common Element
- Freehold - Vacant Land
- Freehold - Phased
- Leasehold
Describe Freehold - Standard 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.
Describe Freehold - Common Element 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.
Describe Freehold - Vacant Land 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.
Describe Freehold - Phased 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.
Describe Leasehold 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.
Describe the Condominium Act, 1998. - ✔️✔️- 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. - ✔️✔️- 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? - ✔️✔️- The Condominium Authority of Ontario
- The Condominium Management Regulatory Authority of Ontario
When are condominium corporations legally created? - ✔️✔️When the declarant (usually a
builder) files a declaration and description at the Land Registry Office.
When a condominium corporation is registered at the Land Registry Office, what information
is included in the Condominium Declaration? - ✔️✔️- Street and mailing address of the condo
- Statement that the Condominium Act governs
- Consent of all registered mortgagees
- Proportionate share of common elements assigned to each unit
- Proportionate contribution of unit owners to common expenses
- Common elements for designated units (exclusive use common element), if applicable
- Corporation address for service
- Any conditions required by approving authority
Note: To change the declaration requires the support of at least 80% - 90% of the owners,
depending on the case.
What is the role of a condo's Board of Directors? - ✔️✔️To oversee the business matters of the
condominium corporation and ensure its operations comply with the Condominium Act.
What are condo rules? - ✔️✔️Directives and regulations developed by a condominium
corporation.
What are condo bylaws? - ✔️✔️Documented standard procedures and requirements related to
a condominium's internal operations.
The governance structure of condominiums has been likened to what? - ✔️✔️A fourth level of
government.
Owners elect members of the Board of Directors who are given the authority to create and
enforce bylaws and rules to ensure the good operation of the corporation.
Page 3 of 29
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
