Certified Residential Appraiser Practice Exam

Which type of property ownership allows individuals to share time in the use of the property?

1. Condominium Ownership

2. Timesharing

3. Cooperative Ownership

4. Sole Proprietorship

The correct answer is: Timesharing

Timesharing is a form of property ownership that specifically allows multiple individuals to own or share a property at different times throughout the year. With timesharing, each owner has the right to use the property for a designated period, typically a week or two each year. This model is often found in vacation properties, such as resort condos, where individuals pay for the right to occupy the unit during their specified timeframe. Condominium ownership, while it does involve individual ownership of a unit within a larger complex, does not inherently involve sharing time; each owner has exclusive rights to their unit year-round. Cooperative ownership involves owning shares in a corporation that owns the property, which does not facilitate individual time-sharing either. Sole proprietorship refers to an individual owning a business and does not pertain to property ownership in the context of shared use. Thus, timesharing distinctly meets the criteria of allowing individuals to share use of a property over specified periods of time, making it the correct choice.