Which type of property ownership typically involves individual units and common areas that are shared among owners?

The correct choice is condominium because this form of property ownership is specifically designed to encompass individual units owned privately while also including shared ownership of common areas and amenities among all unit owners. In a condominium, each owner holds title to their unit and has a share in the ownership of communal spaces such as hallways, pools, and recreational facilities. This structure fosters a community dynamic where residents collectively maintain the common areas while enjoying their private living spaces.

In contrast, other property ownership types do not fit this specific setup. Cooperative ownership entails owning shares in a corporation that owns the property, where owners essentially hold rights to their apartments but do not own them outright. Community property generally refers to a legal concept related to marital property, wherein most assets acquired during marriage are owned jointly by both spouses. Lastly, tenancy by the entirety is a form of joint ownership available only to married couples, where each spouse has an equal right to the property, but it lacks the shared amenities aspect that characterizes condominiums. Thus, condominium is the only option that accurately describes the ownership structure involving individual units and shared common areas.