Check Your Understanding Answers
- What happens to community property upon the death of a spouse?
Half of the deceased's community property passes to the surviving spouse, and the other half passes to the decedent's heirs.
- What form of ownership is a condominium?
A condominium is a hybrid form of ownership which combines ownership of a fee simple interest in the airspace within a unit with ownership of an undivided share, as a tenant in common, of the entire property's common elements.
- What is the main ownership difference between condominiums and planned unit developments?
Planned unit development owners own the land where their unit is located, not just the air space around the unit.
- What is timeshare ownership?
A fee, or leasehold interest, in a property whose owners or tenants agree to use the property on a periodic, non-overlapping basis.
