Final answer:
The Condominium Act recognizes the condominium form of ownership and sets procedures for creating and operating condominiums.
Step-by-step explanation:
The purpose of the Condominium Act is to give statutory recognition to the condominium form of ownership of real property, and to establish procedures for the creation, sale, and operation of condominiums.
The Act provides legal guidelines and regulations for developers, owners, and residents of condominiums. It ensures that the rights and responsibilities of all parties involved in a condominium project are protected and enforced.
Examples of procedures covered by the Act include the creation of a condominium association, the establishment of governance and management structures, the determination of common area maintenance fees, and the resolution of disputes among unit owners.