Property Ownership
What is a 'cooperative' (co-op) form of ownership?
AOwnership shared by a city and its residents
BOwnership of shares in a corporation that owns the building; shareholders receive proprietary leases for their units✓ Correct
CA nonprofit housing trust
DOwnership where all residents vote on management decisions
Explanation
In a cooperative, residents own shares in the corporation that holds title to the building and receive a proprietary lease for their unit. Cooperatives are less common in California than condominiums and can restrict the transfer of shares.
Related California Property Ownership Questions
- A life estate owner (life tenant) may NOT:
- Which of the following best describes 'fee simple absolute' ownership?
- A fixture is determined by which of the following tests?
- Which of the following is a general lien rather than a specific lien?
- Which of the following is an example of an involuntary lien?
- What is 'adverse possession'?
- What are the four unities required for joint tenancy? (TTIP)
- What is a life estate?
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