Property Ownership
In North Dakota, a 'cooperative' form of housing ownership is different from a condominium in that:
ACooperative owners hold title to their individual unit
BCooperative residents own shares in a corporation that owns the entire building, entitling them to a proprietary lease✓ Correct
CCooperatives have no board of directors
DCooperatives are not allowed in North Dakota
Explanation
In a cooperative, residents do not own real property but rather own shares in a cooperative corporation. These shares give them the right to occupy a specific unit under a proprietary lease.
Related North Dakota Property Ownership Questions
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- In North Dakota, when mineral rights are severed from surface rights and the surface is sold, the buyer of the surface should be aware that:
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- A North Dakota farmer agrees to give the county a strip of land along the road for a public easement. This voluntary donation of land for public use is called:
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