Final answer:
The right of a person to live undisturbed in their individual unit of a stock cooperative is known as a Proprietary lease, which gives them the status of a tenant-shareholder. Option A is correct.
Step-by-step explanation:
If a person owns a share in a stock cooperative, they have the right to live in their individual unit undisturbed. This right is described by option (a) Proprietary lease. A proprietary lease is an arrangement in which the shareholder in the cooperative holds an exclusive right to live in a specific unit and follows by-laws set by the cooperative.
This lease is unique to cooperatives and differs from tenant relationships typically found in rental properties. Unlike a tenancy for years, fee simple defeasible, or planned unit development, a proprietary lease establishes a tenant-shareholder who owns a share of the entire cooperative, not just their unit, and has a right to occupy that unit.
The rights described in the question are typically referred to as Proprietary lease. In a stock cooperative, individual unit owners have the right to live in their unit undisturbed, but they typically do not own the unit outright. Instead, they hold shares in the cooperative and have a proprietary lease that grants them the right to occupy their unit.