Property Ownership
A condominium owner in Arizona owns:
AA share in a cooperative corporation
BThe airspace within their unit and an undivided interest in common areas✓ Correct
COnly a leasehold interest
DThe land beneath their unit
Explanation
A condominium owner holds fee simple title to the airspace within their individual unit and an undivided interest (as a tenant in common) in the common areas of the condominium project.
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Key Terms to Know
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 TenancyCo-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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Tenancy in CommonCo-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.
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