Property Ownership
A Mississippi co-op (cooperative) housing arrangement differs from a condominium in that co-op owners:
AOwn their individual units in fee simple
BOwn shares in a corporation that owns the building, with a proprietary lease for their unit✓ Correct
CHave no ownership interest in the property at all
DMust pay all maintenance costs individually
Explanation
In a cooperative, residents own shares in a corporation that holds title to the entire building, and receive a proprietary lease for their unit. Unlike condominiums, co-op owners do not hold fee simple title to their individual units.
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