Property Ownership
Which of the following is a characteristic of a condominium in New Jersey?
AOwners hold a proprietary lease
BOwners hold fee simple title to their unit and an undivided interest in common elements✓ Correct
COwnership is held by a cooperative corporation
DNo homeowners association is required
Explanation
NJ condo owners hold fee simple title to their individual unit and an undivided percentage interest in the common elements, governed by a condominium association.
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