A common form of ownership in a multiple-dwelling building in which the purchaser has title to the individual unit and owns the common areas as a tenant in common with the other owners is called a ________.
A) ranch
B) barndominium
C) condominium
D) cooperative

Question

Quizplus · Accepted Answer

A condominium is a type of ownership where an individual owns their own unit (such as an apartment) and shares ownership of the common areas (such as hallways, elevators, and outdoor spaces) with the other owners in the building. This ownership is typically structured as a tenancy in common, where each owner has an undivided interest in the common areas. A cooperative, on the other hand, is a type of ownership where a corporation owns the entire building and individuals own shares in the corporation, giving them the right to occupy a specific unit.

A Common Form of Ownership in a Multiple-Dwelling Building in Which