Property Ownership
A cooperative (co-op) apartment differs from a condominium in that co-op owners:
AHold fee simple title to their individual unit
BOwn shares in a corporation that owns the entire building and receive a proprietary lease for their unit✓ Correct
CHave no right to sell their interest to another buyer
DOwn only the interior of their unit with no common area interest
Explanation
In a co-op, residents own shares of stock in a corporation that owns the building and receive a proprietary lease giving them the right to occupy a specific unit. There is no deed conveying individual unit ownership.
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