I've always considered it a condo if it's owned. But condos are not the same as apartment buildings. They are usually built with the units to be sold to private parties (who could rent them to others if they wanted), but unlike apartments there is no singular landlord for the complex. Once you buy a condo, you then have extra yearly fees, just as you would a home owner. You are not only responsible for your unit, but also for taxes, insurance general maintenance, including landscaping, lawn maintenance, sidewalk repairs, plumbing, exterior painting; just like a regular home owner.
As an owner, you become part of the condo association, which decides as a group what the yearly fees will be, and what and when maintenance needs to be done. You may not want to pay for fixing something, but individually, you don't have that power and must abide by the association's decisions.
You can sell your individual unit just like you would if you owned a house.
At least that is my understanding. There maybe variations to the process that I'm not familiar with.