Which type of property allows for individual ownership of a unit and shared ownership of common elements?

The correct choice reflects the nature of a condominium, where there is individual ownership of a specific unit in the complex, along with shared ownership of common areas such as hallways, fitness centers, and other community amenities. This type of arrangement enables homeowners to have private property while also participating in the ownership and management of communal spaces, which is typically governed by a condo association.

Condominiums differ from cooperatives, where residents own shares in a corporation that owns the entire property rather than owning their individual units. Timeshares offer a different model focused on shared vacation properties, granting time-limited rights to use the property rather than full ownership. Townhouses, while they may share walls with other units, generally do not have the same shared ownership model that involves common elements owned collectively. Thus, the defining characteristic of a condominium is its unique combination of individual unit ownership and shared common areas.