Property Ownership
In Vermont, a cooperative housing arrangement differs from a condominium because the cooperative resident:
AOwns their individual unit in fee simple
BOwns shares in a corporation that owns the entire building and has a proprietary lease for their unit✓ Correct
CLeases the entire building from the state
DHolds title to the land only, not the building
Explanation
In a housing cooperative, residents own shares in a corporation that holds title to the entire building. Residents do not own individual units — instead, their shares entitle them to a proprietary lease for their particular 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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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