Question

Michael purchased a condominium unit in the Eagle Rock complex. The complex includes a number of common facilities such as an outdoor swimming pool, recreation center, tennis courts, and walking trails. Under the typical condominium arrangement, these common elements are owned bya. a corporation in which Michael and the owners of the other units in the condominium own stock.
b. Michael and the owners of the other units in the condominium in the form of divided interests.
c. the association of homeowners in the condominium.
d. Michael and the owners of the units in the condominium in the form of undivided percentage interest.

Answer 1

Answer:

D) Michael and the owners of the units in the condominium in the form of undivided percentage interest.

Explanation:

A condominium property is a single and individually owned unit within a multi-unit building, e.g. a single apartment in an apartment building. The condominium owner possesses the property title of the unit, and is the joint owner of the common areas, e.g. elevator, halls, stairs, swimming pool, recreation centers, etc. The common areas are defined as the entire residential development, less the individual condominium units. The possessions of the common areas is in the form of undivided percentage interest, so no individual owner can sell or trade his ownership of the common areas.