New Jersey Real Estate Practice Exam Free Practice Question
The common area of a condominium development is owned by
Correct Answer: D
Rationale: In a condominium development, common areas are collectively owned by all unit owners as tenants in common. This means each owner has an undivided interest in these shared spaces.
Option A is incorrect because while the Board of Directors manages the property, they do not own the common areas.
Option B is misleading; ownership is not limited to original unit owners, as all current owners share ownership.
Option C is also wrong; paying taxes or maintenance fees does not confer ownership rights over common areas. Only the collective ownership by all unit owners establishes true ownership.
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