California Real Estate Practice Exam

A property owner owns her house and the parcel of land it is built on, as well as has a common interest in certain community amenities. She most likely owns property in a

1. Cooperative

2. Condominium

3. Planned unit development

4. Time-share

The correct answer is: Planned unit development

A cooperative is a type of property ownership where multiple people own shares in the same property and have an exclusive right to occupy a specific unit within the property. This is different from the scenario described in the question where the property owner owns both the house and land it is built on. A condominium also involves multiple property owners, but in this case, they each own individual units within a larger building. In contrast, the scenario in the question does not mention any shared building or units. Time-share ownership typically involves sharing a vacation property with other owners for a specific period of time each year. This is not mentioned in the question and is not a type of property ownership in which one would also have a common interest in community amenities. Therefore, the most likely type of property ownership described in the question is a planned unit development, where the owner has an individual house and land, as well as a shared interest in community amenities such as a park or pool.