What type of ownership structure is common in the shared areas of a condominium?

The type of ownership structure that is common in the shared areas of a condominium is Tenant in Common. This arrangement allows multiple owners to hold an undivided interest in the shared areas, such as hallways, pools, and recreational facilities, while retaining exclusive rights to their individual units. Each owner has the right to use the shared spaces, and this ownership structure allows for flexibility regarding the transfer of interests among owners.

In contrast, joint tenancy involves a right of survivorship and requires equal shares, which isn't practical for shared spaces in condominiums where different unit owners have different ownership stakes. Fee simple refers to a complete ownership of property, typically involving land and improvements, but it does not apply to the shared areas since those are typically designated as common areas managed collectively by the condo owners. Exclusive ownership implies that an owner has sole rights over a property, which does not reflect the nature of shared condominium spaces where multiple owners have rights to commonly used areas.