Property Ownership
What is a cooperative (co-op) and how does it differ from a condominium in Nevada?
AA co-op is the same as a condominium in Nevada law
BIn a co-op, buyers purchase shares in the corporation that owns the building rather than individual unit titles; condominiums involve individual unit ownership✓ Correct
CCo-ops are more common than condominiums in Nevada
DA co-op provides title insurance while a condo does not
Explanation
Cooperative housing involves purchasing shares in a corporation that owns the entire building. Shareholders receive a proprietary lease for their unit. This differs from condominiums where owners hold fee simple title to their unit. Co-ops are rare in Nevada but do exist.
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