A person who owns one unit in a multiunit structure together with a specified undivided interest in the common elements would own a:

• A. Cooperative
• B. Condominium
• C. Timeshare
• D. Tenancy in common

Answer: (B)

Ownership of a single unit in a multiunit building plus an undivided interest in the common elements describes a condominium. In a condo, you hold title to your individual unit, typically in fee simple, and you share ownership of the building’s common areas (like the lobby, hallways, exterior, and amenities) with all other unit owners. Those common elements are managed by a homeowners association and funded by regular dues. This setup is distinct from a cooperative, where you own shares in a corporation that owns the building rather than a unit itself; from a timeshare, where you have rights to use the property for limited periods; and from tenancy in common, where multiple owners hold undivided interests in the entire property rather than a specific unit plus a share of the common elements.