Specialty Areas
Specialty areas cover distinctive ownership forms and property types. These appear less often but are still tested.
Common-Interest Ownership
In a condominium, an owner holds fee simple title to their unit plus an undivided interest in the common elements like hallways and grounds. A cooperative differs in that residents own shares in a corporation that owns the building and receive a proprietary lease. Associations govern these communities through recorded documents.
Other Property Types
Timeshares grant the right to use a property for a defined period each year. Planned unit developments and mixed-use projects combine ownership forms and uses. Each type carries its own disclosure and management considerations.
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