A condominium owner typically holds:
Correct Answer
B) Fee title to the unit plus an undivided interest in common areas
Why this is correct: The standard condominium ownership structure is fee simple title to the individual unit's airspace, plus an undivided interest (or share) in the common elements (e.g., land, hallways, amenities). This is defined by the condominium declaration. Why the other choices are wrong: A leasehold interest in the unit and no share of the common areas describes a lease, not ownership. An undivided interest in the entire building only is incorrect; the unit itself is separately owned. Shares in a corporation that owns the building describes a cooperative, a different legal entity. Exam tip: Key distinction: Condo = fee simple to unit + share of common areas. Co-op = shares in corporation + proprietary lease.
Why This Is the Correct Answer
Why this is correct: The standard condominium ownership structure is fee simple title to the individual unit's airspace, plus an undivided interest (or share) in the common elements (e.g., land, hallways, amenities). This is defined by the condominium declaration. Why the other choices are wrong: A leasehold interest in the unit and no share of the common areas describes a lease, not ownership. An undivided interest in the entire building only is incorrect; the unit itself is separately owned. Shares in a corporation that owns the building describes a cooperative, a different legal entity. Exam tip: Key distinction: Condo = fee simple to unit + share of common areas. Co-op = shares in corporation + proprietary lease.
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