Direct answer
What does Condominium mean?
A form of ownership in which a person owns an individual unit and an undivided interest in common elements.
Exam cue: The buyer receives real property ownership in the unit rather than shares in a cooperative corporation.
What does it look like in a question?
New York example
A purchaser receives a deed to a condominium unit and an interest in common areas.
Common exam trap
What should you not confuse it with?
Condominium ownership is not the same as renting an apartment in a multiunit building.
Related condominiums and cooperatives terms
Board packageThe application materials a prospective cooperative purchaser or subtenant submits for board review under the cooperative's procedures.Common chargesAmounts assessed against condominium unit owners for common expenses under the governing documents and budget.Common elementsThe parts of a condominium property owned collectively by unit owners rather than as part of one unit.CondopA property structure that combines a condominium framework with a cooperative component, often through separately owned condominium units.CooperativeA housing arrangement in which a corporation owns the real property and occupants own shares tied to proprietary leases.MaintenanceThe periodic amount a cooperative shareholder pays toward the corporation's building expenses and obligations.
Sources used2 references with section locators
The curriculum citation confirms exam scope. Definition and rule citations support the explanation itself. Links and locators were checked on August 26, 2026.
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