How is a condominium different than a single-family dwelling?

A) Occupants pay rent to the landlord who owns the property.
B) Occupants are investors who own shares in the entire property and not individual units.
C) Occupants individually own both the home and the land.
D) Occupants jointly own the common parts of the property and individually own their own units.

In a condominium, occupants jointly own the common parts of the property, such as the common areas, amenities, and exterior elements, while individually owning their own units. This is different from a single-family dwelling where occupants individually own both the home and the land. Option A is incorrect as occupants do not pay rent, but typically pay monthly condo fees to cover maintenance and upkeep of the property. Option B is incorrect as occupants own individual units, not shares in the property. Option C is incorrect as occupants do not own the land, only their individual unit.