Co-ops & Condos
A form of ownership in which individuals own their individual units in fee simple and share ownership of common areas.
In a condominium, each unit owner holds fee simple title to their individual unit and an undivided interest in the common elements (lobbies, hallways, elevators, grounds). The condominium is created by filing a declaration and offering plan. Unit owners pay common charges to the condominium association for maintenance of common areas. Unlike a cooperative, a condominium unit can be bought and sold like any other real property: owners receive a deed, can mortgage their unit independently, and generally face fewer restrictions on sale and subletting.
Exam Tip
Condo = fee simple ownership of the unit. Co-op = shares in a corporation and a proprietary lease. The exam tests this distinction heavily.
Study Guide
Co-ops & Condos
Key concepts and exam tips →
Practice
NY Real Estate Co-ops and Condos
Free sample questions →
Preparing for the NY Real Estate Exam?
Unlocked covers Condominium and every other concept on the NY Real Estate Salesperson Exam — with study modules, practice questions, spaced-repetition flashcards, and Carl, your AI study buddy.
click for a haiku!