Ontario Mortgage Agent Practice Exam 2025 - Free Mortgage Agent Practice Questions and Study Guide

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

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.

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Tenancy in common

Leasehold estate

Fee simple ownership

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