A condominium developer is building a 40-story tower. The developer plans to sell individual condominium units, each of which occupies a defined volume of airspace within the building. What type of ownership interest does each unit buyer receive in the airspace?
Correct Answer
B) Fee simple ownership of a defined airspace unit plus an undivided interest in common elements
Condominium ownership grants fee simple title to a defined airspace unit within the building, plus an undivided interest in the common elements such as hallways, elevators, and the land itself.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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