Property Ownership
In Oregon, which of the following is TRUE about condominiums and cooperatives?
ABoth condominiums and cooperatives involve ownership of an individual unit in fee simple
BIn a cooperative, residents own shares in the corporation that owns the building, not a fee simple interest in a unit✓ Correct
CCooperatives are more common than condominiums in Oregon
DOregon law treats condominiums and cooperatives identically for ownership purposes
Explanation
In a cooperative, residents own shares in the corporation that owns the real estate and receive a proprietary lease for their unit. This is different from a condominium, where each owner holds fee simple title to their unit.
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Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
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