How is condominium ownership best described?

Condominium ownership is best described as ownership of a single unit with shared common areas. In a condominium arrangement, an individual purchases a specific unit within a larger building or complex, which is typically separated by walls, floors, or ceilings. This unit ownership grants the owner rights over their individual space, allowing them to make modifications and utilize the property as they see fit, within the guidelines of the condominium association.

In addition to their individual unit, condominium owners also share ownership of common areas, such as hallways, swimming pools, gym facilities, and landscaping, which are maintained by the condominium association. This shared ownership model promotes community while still allowing personal ownership of the individual units.

The other options do not accurately capture the essence of condominium ownership. Owning land with multiple houses pertains more to single-family residential properties. Leasing property from the government refers to an arrangement completely different from ownership, and owning commercial property in a building focuses on business purposes rather than the residential aspect that defines condominiums. Thus, the definition as ownership of a single unit with shared common areas is precise and encompasses the key characteristics of condominium ownership.