What term describes individual ownership in a unit with an undivided interest in common elements?

The term that describes individual ownership in a unit with an undivided interest in common elements is a condominium. In a condominium setup, each unit owner has a title to their individual unit while also sharing ownership of common areas such as hallways, lobbies, pools, and other amenities with other unit owners. This concept of undivided interest means that all owners have equal rights to use and access these common elements, despite the separation of ownership for individual units.

In contrast, an apartment typically refers to a rented living space within a larger building, where the tenant does not hold ownership rights. A cooperative involves ownership through shares in a corporation that owns the entire building, which is fundamentally different from the direct ownership structure found in condominiums. A timeshare refers to shared ownership of a property, often a vacation home, but on a schedule, allowing different owners to occupy it at different times rather than permanent individual ownership. Understanding these distinctions clarifies why condominium is the accurate term in this scenario.