RECA Fundamentals of condo mgmt. Unit 1
Exam Questions And Answers
Condominium -
correct answer ✅A form of property ownership that includes both
the individual ownership of the unit and shared ownership of
common property with others.
Condominium corporation -
correct answer ✅A legal entity consisting of all unit owners within
a condominium.
Unit -
correct answer ✅i) in the case of a building, space that is situated
within a building and described as a unit in the condominium plan
by reference to floors, walls and ceilings within the building
ii) In the case other than a building, land that is situated within a
parcel and described as a unit in a condominium plan by reference
to boundaries governed by monuments placed pursuant to the
provisions of the surveys act respecting subdivision Surveys
Common Property -
correct answer ✅so much of the parcel as is not comprised in a
unit shown in a condominium plan, but does not include land
shown on the condominium plan that has been provided for the
, RECA Fundamentals of condo mgmt. Unit 1
Exam Questions And Answers
purpose of roads, public utilities and reserve land under part 17 of
the Municipal Government Act. ( everything other than roads,
public use areas, units) Examples: lobby, garbage room, gym,
hallways and stairwells
Other real estate arrangements that may be confused for
condominiums. -
correct answer ✅Homeowners Association (HOA)
Housing Cooperatives
Timeshares
Fractional ownership
Homeowners Association (HOA) -
correct answer ✅An association with mandatory membership
based on residence in a specific area or community an HOA is
created at the start of a real estate development to fund
maintenance of features or amenities that will not be funded or
maintained by the municipality (an area sign, entrance gate, pond,
Exam Questions And Answers
Condominium -
correct answer ✅A form of property ownership that includes both
the individual ownership of the unit and shared ownership of
common property with others.
Condominium corporation -
correct answer ✅A legal entity consisting of all unit owners within
a condominium.
Unit -
correct answer ✅i) in the case of a building, space that is situated
within a building and described as a unit in the condominium plan
by reference to floors, walls and ceilings within the building
ii) In the case other than a building, land that is situated within a
parcel and described as a unit in a condominium plan by reference
to boundaries governed by monuments placed pursuant to the
provisions of the surveys act respecting subdivision Surveys
Common Property -
correct answer ✅so much of the parcel as is not comprised in a
unit shown in a condominium plan, but does not include land
shown on the condominium plan that has been provided for the
, RECA Fundamentals of condo mgmt. Unit 1
Exam Questions And Answers
purpose of roads, public utilities and reserve land under part 17 of
the Municipal Government Act. ( everything other than roads,
public use areas, units) Examples: lobby, garbage room, gym,
hallways and stairwells
Other real estate arrangements that may be confused for
condominiums. -
correct answer ✅Homeowners Association (HOA)
Housing Cooperatives
Timeshares
Fractional ownership
Homeowners Association (HOA) -
correct answer ✅An association with mandatory membership
based on residence in a specific area or community an HOA is
created at the start of a real estate development to fund
maintenance of features or amenities that will not be funded or
maintained by the municipality (an area sign, entrance gate, pond,
