How is a condominium different than a single-family dwelling?

Question

Quizplus · Accepted Answer

In a condominium, occupants jointly own the common parts of the property, such as the common areas, amenities, and exterior elements, while individually owning their own units. This is different from a single-family dwelling where occupants individually own both the home and the land. Option A is incorrect as occupants do not pay rent, but typically pay monthly condo fees to cover maintenance and upkeep of the property. Option B is incorrect as occupants own individual units, not shares in the property. Option C is incorrect as occupants do not own the land, only their individual unit.

How Is a Condominium Different Than a Single-Family Dwelling