Property Ownership
In Arizona, a 'cooperative' form of housing ownership means residents:
AOwn their individual unit in fee simple
BOwn shares in a corporation that owns the building, with a proprietary lease for their unit✓ Correct
CShare ownership of all units equally
DLease from a non-profit cooperative organization
Explanation
In a cooperative (co-op), residents own shares in a corporation that owns the entire building, and receive a proprietary lease for their specific unit. Cooperatives are rare in Arizona compared to condominiums.
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