Final answer:
The rights of a party who owns a cooperative are based on a long-term proprietary lease, which allows members to use and occupy a unit, unlike the total ownership conveyed by fee simple absolute.
Step-by-step explanation:
When a party owns a cooperative, the rights to their portion of the property are typically based on a long-term proprietary lease. This is a special type of lease that allows members to occupy a unit within a cooperative housing complex. Unlike traditional forms of ownership, such as fee simple absolute, which conveys complete ownership of the land and building, a proprietary lease in a cooperative arrangement gives the member the right to use and occupy an apartment or unit subject to the cooperative's rules and bylaws.
Under a proprietary lease, members pay monthly fees that cover their share of the building's maintenance, property taxes, and the mortgage, if the cooperative has one. This arrangement is distinct from fee simple tenants-in-common where individuals have an undivided interest in property along with others, or a judgment in reversion, which involves future interest in property reverting back to the original owner upon the occurrence of a particular event.