In a condominium:
A) all residents own shares in the corporation that owns the building.
B) each resident purchases a living unit in the building.
C) the tenant owns a reversionary interest in the property.
D) the tenant creates a future interest in the property known as a possibility of reverter.

Question

Quizplus · Accepted Answer

In a condominium, each resident purchases a living unit in the building, which is a form of individual ownership. All residents may be members of a homeowners' association or similar entity that owns and maintains common areas, but they do not typically own shares in the corporation that owns the building. Tenants in a condominium do not own any interest in the property, only the right to occupy the unit they're renting. Therefore, choices C and D are incorrect.

In a Condominium