Question

A person has fee simple ownership of a unit in a multi-story building. She is also required to pay property taxes on that unit. Which type of common interest ownership could the owner have?

Answer 1

Answer: 3. condo ownership

Step-by-step explanation:

A condominium is similar to an apartment/ flat meaning that it is an individual unit in a multi-story building that has other apartments in it as well. A condo unlike an apartment however, can be sold to individual owners.

The buyers of these condos will have a fee simple ownership interest in the condo meaning that they have full ownership and so will pay taxes on it.