Which form of real property ownership involves individually owned air space within units and jointly owned common areas?

• A. Condominium
• B. Cooperative
• C. Townhouse
• D. Fee simple

Answer: (A)

Condominium ownership is defined by private ownership of the air space inside individual units and joint ownership of the building’s common areas. Each unit owner has a deed to their own air space and an undivided interest in the shared elements like lobbies, hallways, elevators, and amenities, typically managed through a condo association that handles maintenance and shared services. This setup contrasts with a cooperative, where residents own shares in a corporation that owns the building and hold a lease to live in a specific unit. Townhouses are usually owned in fee simple, meaning the owner holds title to the unit and the land it sits on (often with a homeowners association for shared rules and maintenance but not the same split of private air space and common elements). Fee simple provides outright ownership of the property with full control, including the land, without shared ownership of common areas.