Property Ownership
Which of the following is a characteristic of a cooperative (co-op) ownership structure?
AEach owner holds fee simple title to their unit
BA corporation owns the building; residents own shares in the corporation and have proprietary leases for their units✓ Correct
COwners share ownership of the entire building in equal percentages
DThe building is owned by a homeowners association, not individuals
Explanation
In a cooperative, a corporation holds title to the entire property. Residents buy shares in the corporation and receive a proprietary lease entitling them to occupy a specific unit.
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