Alabama Real Estate Practice Exam 2025 – All-in-One Guide to Master Your Real Estate License!

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What does condo ownership entail?

Owning shares in a corporation

Owning a specific unit and interests in common areas

Condo ownership entails owning a specific unit and interests in common areas. This means that as a condo owner, you have exclusive ownership of a specific unit in a shared building or complex, while also sharing ownership of common areas such as the lobby, parking lot, or pool with other condo owners. This ownership structure is different from owning shares in a corporation (option A), as condo owners have a direct stake in the specific unit they occupy. Owning land under and around the property (option C) is typically associated with single-family homes, not condos. Finally, owning a fractional interest in property (option D) means owning a percentage of a property with other owners, which is not the case for condo ownership where each unit has a distinct owner.

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Owning land under and around the property

Owning a fractional interest in property

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