Which of the following is true about condominiums?
A)The purchaser owns the land on which the condominium is built.
B)The maintenance fees of common areas are shared.
C)Purchasing a condominium is a simpler decision than purchasing a house.
D)Purchasing a condominium is very different than purchasing a house.

Question

Quizplus · Accepted Answer

One of the main features of condominiums is that the owners share the cost of maintaining common areas such as hallways, elevators, parking lots, and swimming pools. This allows for a more affordable lifestyle than owning a home with similar amenities. A is incorrect as the land is typically owned by a separate entity such as a developer or a homeowners association. C and D are subjective and depend on individual circumstances and preferences.

Which of the Following Is True About Condominiums