Property Ownership
In Delaware, what is a 'condominium' form of ownership?
AA type of cooperative ownership where residents own shares in a corporation
BIndividual ownership of an air space unit combined with an undivided ownership interest in common elements such as hallways, grounds, and amenities✓ Correct
CA form of time-share ownership limited to resort properties
DA type of leasehold estate in a multi-unit building
Explanation
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.
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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 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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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