Property Ownership
In a condominium, what does each owner actually own?
AA share of stock in a corporation that owns the entire building
BAn individual unit from the interior walls inward, plus an undivided interest in the common areas✓ Correct
COnly the airspace of their unit; no land ownership
DThe land beneath their unit but not the common areas
Explanation
A condominium owner holds fee simple title to their individual unit (typically from the interior surfaces inward) plus an undivided fractional interest in the common areas (lobby, hallways, grounds, etc.) shared with all other owners.
Related California Property Ownership Questions
- What is a 'holdover tenancy' (tenancy at sufferance)?
- A 'tenancy in severalty' means the property is owned by:
- Which form of ownership provides the MOST protection from creditors among married couples in California?
- What are 'CC&Rs' in the context of a homeowners association (HOA)?
- What is 'escheat'?
- Which of the following is NOT a method by which title to real property can be acquired in California?
- A property owner discovers a neighbor's fence extends 2 feet onto their lot. This is called an:
- Under California law, when spouses hold title as joint tenants and one spouse dies, the surviving spouse:
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