Property Ownership
Which of the following is true about a cooperative (co-op) versus a condominium in New York?
ACo-op owners hold real property title; condo owners do not
BCondo owners hold real property title; co-op owners hold shares in a corporation✓ Correct
CBoth co-op and condo owners hold real property title
DNeither co-op nor condo owners hold real property title
Explanation
Condominium owners hold real property title (fee simple) to their individual units. Co-op owners do not hold real property; they own shares in the corporation that owns the building and receive a proprietary lease.
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