Property Ownership
A cooperative (co-op) differs from a condominium in that co-op residents:
AOwn their units in fee simple
BOwn shares in a corporation that owns the building, and have a proprietary lease for their unit✓ Correct
CHave no ownership interest and are tenants only
DOwn the building jointly as tenants in common
Explanation
In a cooperative, residents own shares in the corporation that owns the building, and their shares entitle them to a proprietary lease for their specific unit. They do not own real property directly — they own personal property (corporate stock).
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