Property Ownership
In New Mexico, a 'cooperative' (co-op) housing arrangement means residents:
AOwn individual units in fee simple
BOwn shares in a corporation that owns the building, with proprietary leases giving them the right to occupy their unit✓ Correct
CHold leasehold interests from the government
DShare ownership as tenants in common
Explanation
In a co-op, residents don't own their individual units — they own shares in the corporation that owns the entire building and hold proprietary leases for their units. Co-ops are less common than condos in New Mexico.
Related New Mexico Property Ownership Questions
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- In New Mexico, which form of property ownership gives each co-owner the right to partition the property?
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- Which type of deed provides the least protection to the grantee?
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