Which of the following statements about condominiums is true?

The statement regarding condominiums that is true indicates that a condominium involves shared ownership of common areas. This accurately reflects the fundamental structure of condominium living. Each individual owner holds title to their specific unit, but they also share a percentage of ownership in common areas such as lobbies, hallways, swimming pools, and parking spaces. This shared ownership is typically defined by the condominium's governing documents, which outline the rights and responsibilities of each owner concerning these communal spaces.

This concept of shared ownership is essential in distinguishing condominiums from other forms of property. Owners benefit from amenities and services that would be more costly to maintain individually, fostering a community environment. Understanding this shared structure is crucial for anyone involved in property management, as it impacts how decisions are made regarding maintenance, improvements, and usage of the common areas.

The other statements do not accurately represent the characteristics of condominium ownership. Condominium owners can often rent their units, ownership can include multiple individuals (such as joint ownership or through partnerships), and condominiums are typically subject to regulations and governing documents that dictate how the property is managed and how owners interact with one another.