A resident owns and lives year-round in a cottage in a lakefront community. The resident's ownership of the cottage is in fee simple. The resident also owns an undivided percentage interest in a parking lot, a golf course, and a swimming pool, all located in the development. Based on these facts alone, the resident's ownership is probably BEST described as

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DantesinfernoxD6201 DantesinfernoxD6201

16-07-2021
Business

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A resident owns and lives year-round in a cottage in a lakefront community. The resident's ownership of the cottage is in fee simple. The resident also owns an undivided percentage interest in a parking lot, a golf course, and a swimming pool, all located in the development. Based on these facts alone, the resident's ownership is probably BEST described as

Answer :

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topeadeniran2 topeadeniran2 · Answer 1 · 2021-07-21T22:09:46-04:00

Answer: a condominium.

Explanation:

A condominium refers to a large property complex that is made up of individual units where each unit is separately owned.

The onwer of a condominium owns the air space that is inside their own condominium but sharing an ownership interest in the stairwells, the floor, sidewalks and other exterior areas. It should also be noted that the yards, and other recreation facilities are owned jointly.