Property Ownership
Which of the following BEST describes a cooperative (co-op) ownership arrangement?
AEach owner holds fee simple title to their individual unit
BOwners purchase shares in a corporation that owns the building, entitling them to a proprietary lease✓ Correct
CUnits are owned individually but common areas belong to the city
DResidents rent their units and share ownership of the pool
Explanation
In a cooperative (co-op), the corporation owns the building and the residents purchase shares in that corporation. Their shares entitle them to a proprietary lease for a specific unit.
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