Wisconsin Real Estate Sales Practice Exam

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A condominium unit is generally held under which type of ownership?

Joint ownership
Severalty
Tenancy in common
Community property

The correct answer is: Severalty

A condominium unit is typically held under severalty ownership. This means that an individual owns a specific unit outright, separate from other owners in the condominium association. Each unit owner holds the title to their specific unit and has an undivided interest in the common elements, such as hallways, roofs, and amenities shared with all residents. This concept of severalty is significant as it provides the individual owner exclusive rights to their unit, along with responsibilities for property taxes, mortgage payments, and condo fees. This contrasts with joint ownership, where multiple parties share ownership rights, or tenancy in common, where individuals hold separate interests in the same property but may not own the same percentage. Community property pertains to property acquired during marriage and shared equally between spouses, which is not applicable to condominiums.