Property OwnershipIntermediateNorth Carolina Exam

Under the NC Condominium Act (Chapter 47C), owners of condominium units own:

AOnly the airspace within their unit walls, as a general rule

BThe unit and an undivided interest in the common elementsCorrect

CA specific percentage of the land only

DTheir unit and all adjacent parking

Why The unit and an undivided interest in the common elements Is Correct

Answer B: The unit and an undivided interest in the common elements

NC condo owners hold fee simple title to their individual unit plus an undivided fractional interest in the common elements (hallways, amenities, exterior). The condominium association manages and maintains the common elements.

Exam Tip: Property Ownership

Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.

Key Property Ownership Terms in This Question

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.

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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 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.

Easement

A non-possessory right to use another person's land for a specific purpose.

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.