Which of the following is NOT a characteristic of a condominium?

The choice that is NOT a characteristic of a condominium is that residents own shares in a cooperative. This relates to the structure of property ownership in different types of residential arrangements. In a condominium, residents typically own their individual units outright, including the interior space of their units, and have a shared ownership interest in common areas such as hallways, pools, and recreational facilities.

In contrast, a cooperative involves a different ownership model where residents do not own their individual apartments; instead, they own shares in a corporation that owns the entire property. Therefore, while people living in cooperatives may enjoy certain communal amenities similar to condominiums, the nature of ownership is fundamentally different, which makes this option inconsistent with the defining characteristics of condominiums.

Understanding these distinctions is crucial for grasping the varying structures of residential ownership and the implications they have on property rights and responsibilities.