Property Ownership
What is a cooperative (co-op) housing and how does it differ from a condominium?
AThey are the same structure
BIn a co-op, residents own shares in a corporation that owns the building; in a condo, residents own their individual units✓ Correct
CCo-ops are for commercial use; condos are residential
DCondos have associations; co-ops do not
Explanation
In a cooperative, residents don't own real property but purchase shares in the corporation that owns the building, giving them a proprietary lease for their unit. Condominiums involve direct real property ownership of individual units.
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