Property Ownership
A West Virginia developer creates a condominium project with 10 residential units and wants to convert it to a cooperative. Under a cooperative ownership:
AEach resident holds fee simple title to their unit
BResidents own shares in a corporation that owns the entire building, with a proprietary lease for their unit✓ Correct
CThe building is owned by the city and managed by tenants
DEach resident owns an undivided interest in the entire building as tenants in common
Explanation
In a cooperative (co-op), residents purchase shares in a corporation that owns the entire building and receive a proprietary lease entitling them to occupy their unit. This differs from a condominium, where each unit is owned in fee simple.
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