Property Ownership
Which statement about condominiums under the Virginia Condominium Act is correct?
AUnit owners have no ownership interest in common elements
BUnit owners own their unit in fee simple and an undivided interest in common elements✓ Correct
CThe developer retains ownership of common elements permanently
DThe condominium association owns all individual units and common elements
Explanation
Under the Virginia Condominium Act, unit owners hold fee simple title to their individual units and an undivided percentage interest in the common elements, proportionate to their unit's percentage interest.
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