Property Ownership
A cooperative (co-op) differs from a condominium in that co-op residents:
AOwn fee simple title to their individual unit
BOwn shares in a corporation that owns the entire building and hold a proprietary lease for their unit✓ Correct
CLease their units from the government
DHave no equity interest in the property
Explanation
In a co-op, residents own shares in a corporation that holds title to the building. Each shareholder receives a proprietary lease for their specific unit.
People Also Study
Related New Mexico Questions
- A New Mexico commercial lease clause requiring the tenant to pay for their proportional share of the building's common area expenses is known as a:Property Management
- Under the Fair Housing Act, a landlord may NOT impose different lease terms on a prospective tenant because of their:Fair Housing
- In New Mexico, a 'cooperative' (co-op) housing arrangement means residents:Property Ownership
- In New Mexico, a commercial tenant who 'holds over' after their lease expires without the landlord's consent is a:Property Management
- Two unmarried people in New Mexico take title to a property with equal shares and the right of survivorship. This is:Property Ownership
- In New Mexico, a condominium owner holds:Property Ownership
- In New Mexico, a 'fee simple on condition subsequent' differs from a fee simple determinable in that:Property Ownership
Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
Study This Topic
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →