Massachusetts Real Estate License Practice Test

What defines a condominium?

1. Shared ownership of land

2. Community living with limited access

3. Community living with absolute ownership

4. Renting a unit with no ownership rights

The correct answer is: Community living with absolute ownership

A condominium is defined by community living where residents have absolute ownership of their individual units while sharing ownership of common areas and facilities. This concept of ownership allows individuals to possess their individual space outright, which is a key characteristic of condominiums. Residents are typically responsible for their unit's interior and may also have a say in the governance of the common areas through a homeowner's association. The other options highlight different aspects of living arrangements or ownership styles that do not align with the specific definition of a condominium. Shared ownership of land suggests a different form of property ownership that does not emphasize individual ownership of units. Limited access does not accurately reflect the typical open and community-oriented nature of condominium living. Lastly, renting implies no ownership rights, which is contrary to the very essence of what a condominium is, where individuals own their units.