What is a defining characteristic of a Condominium Project?

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A defining characteristic of a Condominium Project is that each living unit is owned separately in fee simple. This means that individual owners hold the full bundle of rights associated with their condominium unit, allowing them to sell, lease, or live in their property as they choose, much like traditional home ownership.

In a condominium project, while the individual units are privately owned, common areas such as hallways, pools, and amenities are collectively owned by all the unit owners, usually through a homeowners' association (HOA). This structure reflects a unique blend of individual and communal ownership, which distinguishes condominiums from other forms of property like cooperatives, where ownership is typically shared in a different manner.

The other options do not accurately represent how condominiums function; for instance, the idea that all units must be owned jointly contradicts the essence of fee simple ownership in condominiums. Ownership limited to renters or leasing units instead of selling is also not consistent with condominium ownership structures, which are centered around individual ownership rather than rental arrangements.

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