Condominium
A form of ownership in which a buyer holds fee simple title to an individual unit plus an undivided share of the common elements.
Quick flashcard
What does Condominium mean on the Texas real estate exam?
Answer: A form of ownership in which a buyer holds fee simple title to an individual unit plus an undivided share of the common elements.
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Condominium definition
In a condominium, the owner holds fee simple title to the individual unit and an undivided share of the common elements, such as the lobby, pool, and parking. A condominium is created by recording a declaration of condominium.
Because the unit is real property, it can be financed and conveyed like a house. Texas condominiums are governed by the Texas Uniform Condominium Act, which sets requirements for the declaration, the resale certificate a seller must furnish, and the cancellation rights a buyer may have.
Source basis
Definition checked against the official sources below on .
On the exam
Exam trap
Tested in
Ownership & Title (9 of 80 National)
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