Illinois Real Estate Practice Exam

What is the outcome of selling their house and moving into a condominium for Mr. and Mrs. Johnson?

1. Own their individual apartment

2. Share ownership with other tenants

3. Transfer ownership to their children

4. Retain ownership of the entire building

The correct answer is: Own their individual apartment

The outcome of Mr. and Mrs. Johnson selling their house and moving into a condominium most accurately reflects that they will own their individual apartment. This ownership structure is a defining characteristic of condominiums, where each unit is individually owned, while shared common areas are collectively held by all unit owners under a condominium association. In this scenario, Mr. and Mrs. Johnson would have full ownership rights to their specific unit, allowing them to sell it, make modifications, or benefit from its value appreciation, while still participating in the governance and upkeep of the condominium complex alongside other residents.