Level 3 Chapter 4
Concept | What To Remember |
|---|---|
Condo | deeded real property ownership |
Co-op | shares in corporation |
Timeshare estate | ownership interest |
Timeshare use | use rights only |
Common vs limited common elements | shared by all vs assigned to certain units |
Flaschcards
Condominium,Deeded ownership of individual unit plus shared common elements
Cooperative,Ownership through shares in a corporation
Proprietary lease,Document giving co-op shareholder right to occupy unit
Common elements,Areas shared by all owners
Limited common elements,Common areas reserved for specific owners
Timeshare estate,Ownership interest in property for certain time periods
Timeshare use,Right to use property for set periods without ownership
Townhouse,Attached dwelling often owned in fee simple
PUD,Fee simple ownership with HOA/community restrictions
Co-op ownership,Corporation owns entire property
Condo ownership,Individual owner receives deed to unit
🏢 Story — Condo vs Co-op
Condo
Maria buys Unit 5B.
She receives:
a deed
ownership of her unit
shared ownership of hallways/pool
👉 condo ownership
Co-op
James buys shares in a housing corporation.
The corporation owns the building.
James receives:
👉 proprietary lease to live in Unit 5B
He owns shares — NOT the actual apartment directly.
🌴 Story — Timeshare Estate vs Timeshare Use
Timeshare Estate
A family buys ownership rights for one week every year forever.
They actually own an interest in the property.
Timeshare Use
Another family only buys:
👉 vacation usage rights
No ownership interest.
🚗 Story — Limited Common Elements
A condo complex has:
shared parking lot
but Space #12 reserved ONLY for Unit 12 owner
That parking space is:
👉 limited common element
Still common property…
but reserved for specific use.