Practice Quiz

Illinois Real Estate Exam

Category - Real Estate

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Which of the following is true of “condominium”?
  1. It applies to ownership, not to construction or development
  2. It is a type of ownership where all of the owners own each other’s interior units
  3. It is an ownership where owners own the property, common areas, and buildings together
  4. both A and C
Explanation
Answer: D. A condominium is real property where all the owners own the property, common areas and building together, with the exception of the interior of the unit to which they have title. Mistakenly referred to as a type of construction or development, it actually refers to type of ownership.
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