Tennessee Real Estate License Exam 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 the shared spaces, allowing them access and use.
Option A is incorrect as the Board of Directors manages the common areas but does not own them. Option B is misleading; ownership is not limited to original unit owners, as all current owners share in ownership. Option C is also incorrect; while owners contribute to taxes and maintenance, this does not grant ownership rights to the common areas. Thus, all owners as tenants in common is the accurate representation of ownership.
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