Which of the following ownership types involves single unit ownership with joint responsibility in common areas?

The ownership type that involves single unit ownership with joint responsibility in common areas is a condominium. In this arrangement, individual owners possess their specific units but share ownership and responsibilities for common areas such as hallways, elevators, and recreational facilities. This structure allows for individual autonomy over private space while also fostering a sense of community through collective management of shared spaces.

In a condominium, each owner typically pays monthly fees to cover maintenance of these common areas, ensuring that they remain well-kept and accessible for all residents. This shared responsibility helps in maintaining the property’s value and amenity level, making condominiums a popular choice for many buyers seeking a blend of individual ownership and community living.

In comparison, a cooperative involves residents owning shares in a corporation that collectively owns the property, meaning they do not own their specific units outright but have the right to occupy them. Joint tenancy is a legal term used to describe a form of ownership between two or more individuals where they have equal rights to the property, and the right of survivorship applies. Finally, severalty refers to sole ownership of real property, where an individual owns the entire estate solely without joint responsibility for any common areas.