Illinois Real Estate Practice Exam

How is non-deeded parking in a condominium best described?

1. Tenancy in common

2. Joint tenancy

3. Condominium fee simple estate

4. Life estate

The correct answer is: Condominium fee simple estate

Non-deeded parking in a condominium is best described as a condominium fee simple estate. In the context of condominiums, fee simple ownership typically refers to the ownership of individual units as well as shared spaces and amenities. However, certain amenities—like parking spaces—may not be individually owned but rather allocated for use by residents as part of the common elements of the condominium. In cases of non-deeded parking, residents have the right to use specific parking spaces that are owned collectively or maintained by the condominium association, rather than owning these spaces outright. This arrangement can create a fee simple interest in the entirety of the condominium property while specifying that certain components, like parking, do not have individual deeds. This indicates that while individuals enjoy the right to use these areas, they aren’t holding title to them in the same way as they would their unit. Understanding this distinction is crucial for grasping how ownership and usage rights work within condominium communities. It emphasizes the importance of shared ownership and use, which is central to the condominium living arrangement.