Property Ownership
What is a 'cooperative' (co-op) and how does it differ from a condominium in Kansas?
AThey are identical ownership structures
BIn a co-op, owners hold shares in a corporation that owns the building, with a proprietary lease; in a condo, owners hold fee simple title to their individual unit✓ Correct
CCo-ops are not recognized in Kansas
DCondominiums require HOA membership; co-ops do not
Explanation
In a cooperative, residents own shares in a corporation that holds title to the entire building and have a proprietary lease for their unit. In a condominium, owners hold fee simple title to their individual unit plus an undivided interest in common areas.
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