Which of the following is true about ownership in a condominium?

The statement regarding ownership in a condominium being typically governed by a homeowner's association is accurate. In a condominium, individual unit owners hold a fee simple ownership interest in their specific unit, but they also share ownership of common areas, such as hallways, landscaping, and recreational facilities.

The homeowner's association (HOA) plays a critical role in managing these shared spaces and enforcing community rules. It is responsible for maintaining the common areas, collecting assessments, and making decisions on behalf of the condominium owners. This governance structure is essential because it ensures that the shared spaces are well-maintained and provides a system for resolving disputes among residents.

In contrast, condominium owners do not own the land underneath their unit (which is commonly owned as part of the common property), costs are typically allocated based on ownership percentages rather than shared equally, and total independence from surrounding units is not feasible as condominiums are inherently part of a larger community structure.