What is considered common property in a condominium?

Enhance your preparation for the NBREA Real Estate Test with flashcards and multiple-choice questions, complete with hints and explanations. Get ready for your real estate licensing exam!

In a condominium, common property refers to those areas and facilities that are shared by all residents and serve the collective interests of the community. These areas are not owned by any individual unit owner but rather maintained collectively through the condominium association.

Elevators and stairwells are classic examples of common property because they provide essential access and movement throughout the building. These facilities are crucial for the functionality and safety of all residents, thus they are operated and managed by the condominium association to ensure maintenance and upkeep.

In contrast, private balconies and individual storage lockers are specific to individual units, meaning they are not accessible to all residents and are maintained by the respective unit owners. Derelict cars, although they may be found in the parking areas of a condominium, do not represent common property since they typically belong to individuals and are not used as a communal resource.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy