Final answer:
Building common elements refer to shared parts of a property like pools or lobbies, and are either owned by all building owners or maintained by an owners' association; the statement is true.
Step-by-step explanation:
Building common elements are specific parts of a property that are typically shared among the owners of a building within a condominium or a planned unit development.
These elements might include swimming pools, lobbies, elevators, and other amenities or structures outside of the privately owned units.
The statement that 'building common elements are those elements and property that are either owned in common by all of the owners in the building or owned, insured, or maintained by an owners' association' is true.
Ownership of these elements is shared, and the upkeep, insurance, and maintenance responsibilities fall upon the owners' association, which acts on behalf of all the individual property owners.