Which statement about condominiums is true?

The statement that ownership is in real property is correct because condominiums are a form of ownership where individuals own a unit within a larger building or complex. Specifically, this ownership is classified as real property, which means it is tied to a physical piece of land and the structures on that land. In a condominium arrangement, while individuals have exclusive ownership of their specific units, they also share ownership of common areas such as hallways, pools, and gardens, which are maintained by a homeowners association (HOA).

The other options do not accurately reflect the nature of condominium ownership. Personal property generally refers to movable items that are not fixed to land, like furniture or vehicles, which does not apply to the units in a condominium. While owners do have some influence over rules regarding common areas, those rules are typically established and enforced through the governance of the HOA rather than being individually set by each owner. Lastly, shared interest does exist in terms of common areas, but the individual ownership of the units themselves distinguishes condominium ownership from other forms of property ownership. Therefore, identifying ownership as real property captures the essence of what it means to own a condominium.