In a condominium, what does each owner actually own?
Why An individual unit from the interior walls inward, plus an undivided interest in the common areas Is Correct
Answer B: An individual unit from the interior walls inward, plus an undivided interest in the common areas
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
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Key Terms to Know
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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