Florida Community Association Manager Practice Exam

The type of ownership characterized by exclusive ownership of a single unit and joint undivided ownership of common elements is known as a condominium. In a condominium, individual unit owners have the title to their specific unit while sharing ownership of common areas, such as hallways, swimming pools, and landscaping, with other unit owners. This structure allows for both personal ownership and communal living, fostering a community environment while ensuring that each owner has control over their private property.

In contrast, a cooperative involves ownership of shares in a corporation that owns the entire property, and residents typically do not own their individual units outright. Townhouses are often considered individually owned properties, but may not share common elements in the same way that condominiums do. Leasehold refers to a temporary tenure of property where one party holds rights to use land or property owned by another party, and does not involve the ownership structure described in the question. Thus, the condominium model best fits the definition provided.