California Real Estate Practice Exam

Which of the following statements is NOT correct about condominiums?

1. Can be liened generally or specifically

2. Can be only a "life estate" with right of survivorship

3. Can be part of an office building

4. Owner has interest in real property

The correct answer is: Can be liened generally or specifically

Although condominiums can be liened generally, they cannot be liened specifically. This is because a lien on a condominium cannot be placed on just one specific unit, but rather on the entire building or complex as a whole. Option B is also incorrect because condominiums are typically owned as a "fee simple" estate, meaning the owner has complete ownership and control over the property. Option C is incorrect because condominiums are typically residential properties, not office buildings. Option D is also incorrect because owners of condominiums have a shared interest in the common areas and facilities, but do not have ownership of the entire complex or building.