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Why is it called a condominium?

Etymology. Condominium is an invented Latin word formed by adding the prefix con- together to the word dominium dominion, ownership. Its meaning is therefore joint dominion or co-ownership.

What is the difference between apartment and condominium?

The biggest difference between a condo vs. apartment is ownership. An apartment is defined as a residence that is rented, often as part of a larger residential building. A condo is similar in structure to an apartment usually a unit within a larger residential building but condos are owned instead of rented.

Which types of ownership are evident in a condominium community?

A condominium is characterized by separate ownership of identified portions of the subject property (such as individual apartments in a multi-unit building) and undivided or joint ownership of the remainder (the common areas of that apartment building).

Which type of ownership are evident in a condominium community?

A condominium is characterized by separate ownership of identified portions of the subject property (such as individual apartments in a multi-unit building) and undivided or joint ownership of the remainder (the common areas of that apartment building).

Which of the following is true about condominiums?

Which of the following is true of condominium? Answer: D. A condominium is real property where all the owners own the property, common areas and building together, with the exception of the interior of the unit to which they have title.

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What best describes ownership of a condominium?

Key Takeaways. A condominium, or condo, is an individually owned unit in a complex or building of units. A condo owner owns the air space inside their condo, sharing an ownership interest in the community property, such as the floor, walls, sidewalks, stairwells, and exterior areas.

How is a condominium different from a house?

Owners of single-family homes purchase the home structure and the land it sits on, while condo owners own just the unit they live in, not the larger building or the land on which its built. Generally, with a condo, the surrounding exterior space is shared among the condo owners.

What form of ownership do individual condominium owners have in the common elements?

Everything outside of the boundaries of the units is owned by the association and the insurance and expenses of these elements are borne by the association, not the unit owners individually. Every unit owner has an undivided ownership interest in the common elements and limited common elements.

Under Which type of ownership do individuals residents have a deed for their property in fee simple?

Fee simple absolute is what people usually mean when describing fee simple ownership. Under absolute ownership, owners can own their properties and land forever as long as they make their mortgage payments and pay their property taxes and make any changes to them theyd like.

What type of ownership does a condominium owner have in the unit they occupy?

In a condominium, you own the dwelling but not the land. Another entity owns the entire building and the land beneath it, while the condo owner retains the right to own or rent the property. The condo owner must also follow the rules and regulations set by the building owner.

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