Property Ownership
A cooperative (co-op) housing arrangement differs from a condominium in that co-op residents:
AOwn their individual units in fee simple
BOwn shares in a corporation that owns the entire building, with a proprietary lease for their unit✓ Correct
CHave no ownership interest in the property
DAre required to rent their units if they move
Explanation
In a cooperative, residents own shares in the nonprofit corporation that holds title to the building and receive a proprietary lease giving them the right to occupy their unit.
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