Property Ownership
What is a 'cooperative' (co-op) as a form of property ownership in Delaware?
AA partnership between two developers sharing a property
BA corporation that owns the real estate, with residents owning shares and holding proprietary leases✓ Correct
CA type of condominium with shared ownership of all units
DA government-subsidized housing program
Explanation
In a cooperative, the real estate is owned by a corporation. Residents purchase shares in the corporation and receive a proprietary lease entitling them to occupy a specific unit.
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Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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