Property Ownership

In a condominium ownership arrangement, the common areas are owned:

ABy the condominium association exclusively

BBy the developer until fully sold

CAs undivided interests by all unit owners✓ Correct

DBy the local municipality

Explanation

In a condominium, all unit owners hold undivided fractional ownership interests in the common areas (lobbies, hallways, amenities). No single owner has exclusive control over common elements.

People Also Study

Key Terms to Know

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.

Deed

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