Property OwnershipIntermediateArizona Exam

In Arizona, a condominium owner holds:

AA cooperative share in the entire building's ownership structure, similar to a stock cooperative, with no individual fee simple title to any particular unit

BFee simple ownership of their individual unit and an undivided interest in the common elementsCorrect

CA leasehold interest in their individual unit and a ground lease interest in the underlying land, both subject to the condominium association's master lease

DOnly air rights to the space above their unit's floor slab and below its ceiling, with no ownership interest in the walls, land, or any common areas of the building

Why Fee simple ownership of their individual unit and an undivided interest in the common elements Is Correct

Answer B: Fee simple ownership of their individual unit and an undivided interest in the common elements

A condominium owner in Arizona holds fee simple title to their individual unit and an undivided fractional interest (as a tenant in common) in the common elements shared with all other unit 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.

People Also Study

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 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.

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.

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.