Ontario Mortgage Agent Practice Exam

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.