Property Ownership
Under New Jersey's Condominium Act (N.J.S.A. 46:8B), a condominium unit owner owns:
AA share of the corporation that owns the building
BA fee simple interest in their unit plus an undivided interest in the common elements✓ Correct
COnly a leasehold interest
DA cooperative share certificate
Explanation
NJ's Condominium Act grants unit owners fee simple title to their unit and an undivided percentage interest in the common elements, unlike cooperatives where owners hold stock.
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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.
Joint TenancyCo-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 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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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