Property OwnershipIntermediateColorado Exam

In Colorado, a condominium owner owns:

AOnly an interest in the common elements, which is broadly consistent with standard practice statewide

BA fee simple interest in their individual unit and an undivided interest in the common elementsCorrect

COnly air rights above their unit

DA leasehold interest in their unit

Why A fee simple interest in their individual unit and an undivided interest in the common elements Is Correct

Answer B: A fee simple interest in their individual unit and an undivided interest in the common elements

Colorado condominium owners hold fee simple title to their individual unit (the airspace within the walls) and an undivided fractional interest in the common elements shared by all 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.

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.