Real Estate Financing
A condominium owner owns:
- Only the airspace of their unit, with common areas owned as tenants in common
- bThe entire building as a tenant in common
- cA share of stock and a proprietary lease
- dThe land beneath the building in severalty
Answer: A · Only the airspace of their unit, with common areas owned as tenants in common
A condo owner holds their individual unit in fee simple plus an undivided tenancy-in-common interest in the common areas. Owning stock + a proprietary lease describes a CO-OP. Common trap: students confuse condo ownership (real property + TIC common areas) with co-op ownership (stock + lease).
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