Property Ownership
A Minnesota developer creates a townhouse development and records a declaration establishing common elements and limited common elements. This type of development is governed by:
AOnly the Minnesota Landlord-Tenant Act
BMinnesota's Common Interest Community statutes (Chapter 515B)✓ Correct
CFederal Homeowner Protection Act
DMinnesota's Cooperative Housing Act
Explanation
Minnesota's Common Interest Community (CIC) Act (Chapter 515B) governs condominiums, townhouses, planned communities, and other developments with common ownership interests. The Act regulates the creation, management, and governance of these communities. Any development with shared common elements and association governance is subject to Chapter 515B in Minnesota.
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