Property Ownership
In Massachusetts, a 'cooperative' (co-op) apartment differs from a condominium because:
ACo-op owners hold title to their individual units
BCo-op residents own shares in a corporation that owns the building and hold a proprietary lease for their unit✓ Correct
CCo-ops have no common areas
DCo-ops are only found in rural Massachusetts
Explanation
In a cooperative, residents own shares in a corporation that holds title to the entire building. Each shareholder receives a proprietary lease granting them the right to occupy their unit. This differs from condominiums where owners hold fee simple title to their units.
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