Which statement best describes a condominium?

A condominium is defined as an individually owned housing unit within a building that contains multiple such units. Each owner holds title to their specific unit, which allows for personal property rights within their space. This ownership structure enables individuals to manage and decorate their own units while sharing ownership of common areas such as hallways, swimming pools, and other amenities with other condominium owners.

In this context, choice C accurately reflects the essence of condominium ownership, highlighting both individual ownership of a housing unit and the communal nature of living within a multi-unit building. This shared ownership of common facilities is a fundamental characteristic of condominiums, differentiating them from single-family homes where the owner has both the property and land without sharing.

In contrast to this correct understanding, the other options do not capture the essence of a condominium. For instance, describing a condominium as a business entity or a type of shared ownership without individual rights fails to recognize the legal structure that provides condo owners their exclusive interest in their units. Furthermore, framing it as a temporary housing arrangement misrepresents the permanence typically associated with owning a condominium unit. Thus, the identification of a condominium as an individually owned housing unit in a multi-unit building is a clear and accurate depiction of this real estate concept.