Property Ownership
In Oregon, which of the following best describes a 'condominium' under the Oregon Condominium Act (ORS Chapter 100)?
AA multi-family rental building owned by one landlord
BA form of ownership where individual units are owned in fee simple and common areas are owned proportionately by all unit owners✓ Correct
CA cooperative housing arrangement where residents own shares in a corporation
DA planned community where lots are individually owned but roads are government-owned
Explanation
Under Oregon's Condominium Act (ORS Chapter 100), a condominium consists of individually owned units (in fee simple) plus an undivided interest in common elements (hallways, roofs, grounds, amenities). Unit owners belong to a homeowners' association (HOA) that manages common areas. This differs from cooperatives (corporate share ownership) and PUDs.
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