The $Record global variable allows you to reference the values of the active record the flow is running on.
References:https://help.salesforce.com/s/articleView?id=sf.flow_ref_global_variables.htm&type=5

Explanation
Flow Builder supports creating a scheduled flow that can run at specified intervals and perform actions on a set of records that meet certain criteria.
References: https://help.salesforce.com/s/articleView?id=sf.flow_builder_overview.htm&type=5
https://help.salesforce.com/s/articleView?id=sf.flow_concepts_scheduled_start.htm&type=5

Explanation
To ensure extra steps only appear when creating open house records for condominiums, an administrator can use two methods: create two page layouts; and use business processes and record types to display appropriate picklist values. A page layout is a feature that allows administrators to control how fields, related lists, buttons, etc., are arranged on a record detail or edit page for each object. An administrator can create two page layouts for open house records - one for houses and one for condominiums - and include different fields or sections for each page layout based on their requirements. A business process is a feature that allows administrators to define and enforce stages that records must go through based on their record type such as lead status or opportunity stage. A record type is a feature that allows administrators to offer different business processes, picklist values, page layouts etc., to different users based on their profile or role. An administrator can create two record types for open house records - one for houses and one for condominiums - and assign different business processes and picklist values for each record type based on their requirements. References:
https://help.salesforce.com/s/articleView?id=sf.customize_pagelayouts_overview.htm&type=5
https://help.salesforce.com/s/articleView?id=sf.customize_recordtype.htm&type=5