NCEES Principles and Practice of Surveying Practice Exam

What does a condominium refer to?

1. A single-family home

2. A complex of individually owned apartments or houses

3. A government-owned building

4. A rental apartment building

The correct answer is: A complex of individually owned apartments or houses

A condominium refers specifically to a type of real estate ownership that involves a complex of individually owned units. In a condominium, each owner has title to their specific unit while sharing ownership of common areas and facilities such as hallways, swimming pools, and other amenities with all other unit owners. This arrangement allows for both private ownership and communal living, distinguishing it from other types of residential properties, such as single-family homes, where the entire property is individually owned. Condominiums are structured to provide the benefits of ownership similar to that of a single-family home, yet they also incorporate shared responsibilities and costs associated with common areas. Such housing arrangements are often found in urban settings, where land space is limited, making them a popular choice for many buyers. This concept and structure make "a complex of individually owned apartments or houses" the correct characterization of a condominium.