Asked by Casey Hamilton on Apr 28, 2024
Verified
Which of the following statements is false regarding a condominium interest?
A) The holder has exclusive ownership rights of a unit within the condominium.
B) The holder shares joint tenancy with the other condominium owners over the land.
C) The holder has tenancy in common with the other condominium owners over the buildings and improvements of the common areas of the development.
D) The architecture and use of common areas are regulated by a condominium association.
E) The condominium association has the power to levy assessments against the unit owners for maintenance of common areas.
Condominium Interest
An ownership interest in a unit within a multi-unit property, coupled with a shared interest in the common areas of the property.
Exclusive Ownership
The right to use, manage, and dispose of property without interference from others, ensuring complete control over the asset.
Joint Tenancy
A form of co-ownership where parties own property equally with rights of survivorship, meaning if one owner dies, the other automatically inherits the deceased owner's share.
- Recognize different categories of land ownership interests, such as rights to minerals, below-ground rights, tenancies for a set period, ownership in condominiums, and co-op housing schemes.
Verified Answer
WZ
Wenting ZhangMay 03, 2024
Final Answer :
B
Explanation :
In a condominium, the holder does not share joint tenancy with other owners over the land; instead, they typically have a form of ownership such as tenancy in common for the land and common areas, allowing each owner an undivided interest in these areas.
Learning Objectives
- Recognize different categories of land ownership interests, such as rights to minerals, below-ground rights, tenancies for a set period, ownership in condominiums, and co-op housing schemes.