Ontario Mortgage Agent Practice Exam

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

1. Condominium ownership

2. Tenancy in common

3. Leasehold estate

4. 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.