Arizona Real Estate License Practice Exam 2026 – All-in-One Resource to Pass with Confidence!

The most likely type of ownership represented by Claire's ownership of one of 40 air lots in a residential building is a condominium. In condominium ownership, individual units are owned privately while common areas, such as hallways, pools, and landscaping, are owned collectively by all unit owners through a homeowners' association. The term "air lot" often refers to the specific ownership of a unit that may have physical boundaries defined in the building plan, which aligns perfectly with how condominiums are structured.

In contrast, cooperative ownership involves ownership of shares in a corporation that owns the building, rather than direct ownership of the unit itself. Townhouses typically refer to a different type of ownership, where the homeowner usually owns the land on which their home sits along with the structure itself. Timeshares provide a different concept where ownership is for a specific period of time rather than a permanent unit ownership, making them distinct from the long-term ownership inherent in a condominium setup. Thus, the characteristics of Claire's ownership clearly point towards condominium ownership.