What best describes a condominium?

A condominium is best described as a type of ownership characterized by individual units owned by different individuals. This means each owner holds title to their specific unit while sharing ownership of common areas such as hallways, pools, and landscaping with other unit owners. This ownership structure allows individuals to have their private living space while still benefiting from communal facilities and services, which is a defining feature of condominium living.

The concept of collective ownership of shared spaces managed by a governing board is intrinsic to condominiums, but it isn't the sole defining characteristic. The focus is primarily on the individual ownership aspect, which sets it apart from other forms of housing such as single-family homes or rental agreements. In contrast to other options, individual ownership of units is the key hallmark of a condominium, explaining why this description is the most accurate.