Which best describes the ownership structure of a condominium unit?
Correct Answer
A) Fee simple ownership of the unit plus an undivided interest in common areas
In Maine, condominiums are governed by the Maine Condominium Act (33 M.R.S. §1601-101 et seq.). A condominium owner holds fee simple title to their individual unit and an undivided percentage interest in the common elements (such as hallways, roofs, and grounds) shared with other unit owners. This distinguishes condominiums from cooperatives, where residents own shares in a corporation.
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Related Topics & Key Terms
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Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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