Question

The original owner of a condominium unit holds which of the following interests?

A) Fee simple absolute
B) Fee simple defeasible
C) Fee simple determinable
D) Condominium fee simple

Answer 1

The original owner of a condominium unit holds a Condominium fee simple interest, with rights similar to fee simple absolute but within the confines of a condominium arrangement.

Step-by-step explanation:

The original owner of a condominium unit typically holds a Condominium fee simple interest. This means that the owner has absolute ownership of the unit, similar to fee simple absolute, but it is within a condominium structure that includes shared common areas jointly owned with the other unit owners. The owner is entitled to all rights of property ownership, including the right to occupy, sell, lease, or bequeath the unit. The condominium association often manages the common areas and enforces rules for the benefit of all owners. For example, if John owns a condominium unit, he has exclusive ownership of that unit as well as shared ownership of common areas like hallways, elevators, and swimming pool. However, his ownership is subject to rules and regulations set by the condominium association.