Property Management Licensing Practice Exam · Question
Which type of property insurance typically covers damage to the building structure and common areas of a condominium corporation?
A condominium corporation's master policy provides coverage for the building's common elements and structure, while individual unit owners are responsible for i
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Question: Which type of property insurance typically covers damage to the building structure and common areas of a condominium corporation?
Answer options:
- Tenant's personal contents insurance
- Individual unit owner's insurance (HO-6 type) ✅ Condominium corporation's master policy
- Mortgage default insurance
Correct answer: Condominium corporation's master policy
Explanation: A condominium corporation's master policy provides coverage for the building's common elements and structure, while individual unit owners are responsible for insuring their own unit's interior and personal belongings.
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