Property Ownership

In Colorado, a 'condominium' ownership means the owner holds:

AA. Only personal property interest in their unit

BB. Fee simple title to their individual unit plus an undivided interest in the common elements✓ Correct

CC. A leasehold interest in the unit and land

DD. Only a cooperative share

Explanation

Colorado condominium ownership (governed by the Colorado Common Interest Ownership Act - CCIOA) gives each owner fee simple title to their individual unit plus an undivided fractional interest in the common elements (hallways, grounds, amenities). This is distinct from cooperative ownership, where residents own shares in a corporation.

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.