What type of ownership involves shared rights to a property, often seen in condominiums?

The correct answer refers to "Common interest development," which encompasses a type of ownership arrangement where multiple individuals have shared rights and responsibilities to a property, often seen in condominiums and similar developments. In a common interest development, owners own their individual units and share ownership of common areas and amenities, such as hallways, swimming pools, and landscaping, through a homeowners' association. This setup combines both exclusive ownership of one's unit and shared rights to communal areas, which is a defining characteristic of condominiums.

Understanding this concept is crucial as it highlights how property ownership can extend beyond individual units, requiring a cooperative approach to managing and maintaining shared spaces, thus illustrating the nuances involved in real estate ownership structures in multi-unit developments.