Property Ownership
What is a 'cooperative' (co-op) housing arrangement, and how does it differ from a condominium in Rhode Island?
AA co-op is the same as a condominium
BIn a co-op, residents own shares in a corporation that owns the building, receiving a proprietary lease for their unit; in a condo, each unit is owned in fee simple✓ Correct
CA co-op is exclusively for commercial use
DA co-op is a government-run housing program
Explanation
In a cooperative, residents own shares in the corporation that owns the building and hold a proprietary lease for their unit—they do not own real property directly. In a condominium, unit owners hold fee simple title to their unit. Cooperatives are less common in Rhode Island than condominiums.
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