What is an example of a condominium?

A condominium is fundamentally characterized by the combination of individual ownership of units and shared ownership of common areas. In this context, the correct answer highlights that condominiums consist of units that are privately owned while the residents collectively share ownership of various common areas, such as hallways, fitness centers, or pools. This ownership structure is what differentiates a condominium from other types of housing, where ownership is either wholly individual or wholly corporate.

Additionally, the other options represent different property types that do not fit the definition of a condominium. An apartment complex owned by a single entity suggests that all units are controlled by one owner, negating the aspect of individual ownership. A mixed-use building with retail on the ground floor refers to a building with both commercial and residential components but does not specify ownership structure typical of condominiums. Lastly, a single-family home on its own lot is an entirely separate dwelling with no shared areas, further distancing itself from the concept of shared ownership found in condominiums.