Question

A person bought an apartment in a large building and received a deed conveying a fee simple title, plus a fractional share of common elements, and a tax bill on the apartment. This type of living unit is a:

a) cooperative apartment.
b) Condominium.
c) duplex complex.
d) complex duplex.

Answer 1

The described living unit where an owner holds a fee simple title and fractional share of common elements is a condominium. Owners in a condominium possess individual ownership of their units and shared interests in common areas, receiving separate tax bills for their portion.

Step-by-step explanation:

The type of living unit where a person has bought an apartment in a large building and received a deed conveying a fee simple title, plus a fractional share of common elements, and a tax bill on the apartment is a condominium.

In a condominium, each unit owner holds individual title to their unit, combined with a shared interest in the common areas of the building, such as lobbies, swimming pools, and gyms. The fractional share refers to the portion of the common elements that each unit owner is responsible for, and the fee simple title means the owner has outright ownership of the unit. The tax bill is generally based on the value of the individual unit and the owner's share of the common elements.