What is a 'cooperative' (co-op) form of housing ownership?
Why Ownership of shares in a corporation that owns the building, with a proprietary lease granting the right to occupy a specific unit Is Correct
Answer B: Ownership of shares in a corporation that owns the building, with a proprietary lease granting the right to occupy a specific unit
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
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Key Terms to Know
A non-possessory right to use another person's land for a specific purpose.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
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