Property Ownership
A 'proprietary lease' in a New York co-op building grants the shareholder:
AFee simple title to the apartment
BThe exclusive right to occupy a specific unit in exchange for monthly maintenance payments✓ Correct
COwnership of common areas only
DA right to sublease to any person without board approval
Explanation
A proprietary lease is the document that grants a co-op shareholder the exclusive right to occupy their unit. The shareholder pays monthly 'maintenance' fees that cover the building's mortgage, real estate taxes, and operating expenses.
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