Property OwnershipIntermediateAlabama Exam

A condominium owner holds:

AFee simple ownership of a unit's airspace plus an undivided interest in the common elementsCorrect

BOnly a lease on the unit

CJoint tenancy with all other unit owners, though outcomes can differ depending on circumstances

DA cooperative share in the building

Why Fee simple ownership of a unit's airspace plus an undivided interest in the common elements Is Correct

Answer A: Fee simple ownership of a unit's airspace plus an undivided interest in the common elements

Condominium ownership gives the unit owner fee simple title to the interior airspace of their unit (and sometimes balconies/parking), plus an undivided fractional interest in the common elements (lobbies, elevators, grounds) shared with all other owners.

Exam Tip: Property Ownership

Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.

Key Property Ownership Terms in This Question

Fee Simple

The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.

Joint Tenancy

Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.

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Key Terms to Know

Joint Tenancy

Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.

Fee Simple

The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.

Tenancy in Common

Co-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.

Chain of Title

The sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.

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