Property OwnershipIntermediateDelaware Exam

In Delaware, what is a 'condominium' form of ownership?

ASimply a type of cooperative ownership where residents only own shares in an underlying corporation, not the units themselves, under standard practice

BIndividual ownership of an air space unit combined with an undivided ownership interest in common elements such as hallways, grounds, and amenitiesCorrect

CA form of time-share ownership limited to resort properties

DA type of leasehold estate in a multi-unit building

Why Individual ownership of an air space unit combined with an undivided ownership interest in common elements such as hallways, grounds, and amenities Is Correct

Answer B: Individual ownership of an air space unit combined with an undivided ownership interest in common elements such as hallways, grounds, and amenities

Condominium ownership in Delaware involves fee simple ownership of the individual unit's interior (air space) combined with an undivided percentage interest in the common elements. Condominiums are governed by the Delaware Unit Property Act and administered by a condominium association.

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.

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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.

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.

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

Easement

A non-possessory right to use another person's land for a specific purpose.

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