Property Ownership
Which of the following best describes a cooperative (co-op)?
AA form of ownership where each resident owns their unit in fee simple
BA corporation that owns the building, with residents owning shares entitling them to a proprietary lease✓ Correct
CA shared-ownership program administered by the government
DA type of timeshare ownership in a resort property
Explanation
In a cooperative, a corporation owns the entire building. Residents purchase shares in the corporation rather than real property, and those shares entitle them to a proprietary lease for their unit. Cooperatives are less common in Utah than condominiums.
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