What type of property is characterized by ownership of a single unit with shared common areas?

A condominium is characterized by ownership of a single unit, typically located within a larger building or complex, while also having shared ownership of common areas. In a condominium arrangement, each owner holds title to their individual unit, which allows them to make decisions related to their specific space. Common areas, such as hallways, recreational facilities, and landscaped grounds, are collectively owned by all unit owners and managed through a homeowners' association (HOA). This structure encourages both individual property rights and communal responsibilities, making it a popular choice for many homeowners.

In contrast, a cooperative involves ownership of shares in a corporation that owns the property, rather than owning an individual unit outright. Community property refers to a legal framework for property ownership within a marriage, where both spouses hold equal ownership rights to assets acquired during the marriage. Lastly, tenancy at will is a rental arrangement that lacks a fixed term and can be terminated at any time by either party, which does not reflect ownership structure. This distinction clarifies why the condominium represents the correct choice for a property type featuring individual unit ownership along with shared common areas.