Property Ownership
In Tennessee, which of the following best describes a 'co-op' (cooperative) housing arrangement?
AEach resident owns their individual unit outright
BResidents own shares in the cooperative corporation that owns the building, with a proprietary lease for their unit✓ Correct
CThe government owns the building and residents pay rent
DA nonprofit manages the building for low-income residents
Explanation
In a cooperative, residents own shares of stock in the corporation that owns the building, and their proprietary lease grants them the right to occupy a specific unit. This differs from condominiums where each unit is individually owned.
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