Virginia Real Estate Exam Practice Question
Which type of property is a condominium?
Correct Answer: D
Rationale: A condominium is primarily defined as a single-unit property, where individuals own their specific unit within a larger building or complex. This distinguishes it from multi-family properties, which refer to buildings housing multiple tenants without individual ownership of units (Option C). While condominiums can involve shared land, ownership is typically limited to the unit itself, making Option A incorrect. A proprietary lease is characteristic of cooperatives, not condominiums, thus invalidating Option B. Therefore, the essence of a condominium lies in its nature as a single-unit property.
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