Property Ownership
In Florida, a 'cooperative' (co-op) housing arrangement means that 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
CRent from a nonprofit housing organization
DShare ownership of all units equally with no individual unit rights
Explanation
In a cooperative (co-op), a corporation owns the entire building and grounds. Residents own shares in the corporation, which entitles them to a proprietary lease for 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.
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.
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.
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