Final answer:
Being a UDI or undivided interest owner means owners have a shared interest in a group or phase of lodging units, not owning a specific part but holding a fractional interest in the entire property.
Step-by-step explanation:
Being a UDI or undivided interest owner means owners have a shared interest in a group or phase of lodging units. Owners of undivided interest hold an equal or agreed-upon fraction of the entire property, but not a specific, physically delineated part.
This is a common arrangement in structures such as timeshares, where multiple individuals have rights to use the property, but no one owns any specific part of it outright.
In a broader sense, shareholders are people who own at least some shares of stock in a firm. The firm's stock is divided into individual portions which give the shareholders a claim on partial ownership of the company.
This is similar in concept to owning an undivided interest in property, as each shareholder has a proportional interest in the entire firm.