Final answer:
In a cooperative, the owner actually owns a) a share in the corporation that holds the title to the building and grants them a lease for a specific unit. They do not own the unit or building directly but have rights as shareholders. Zoning regulations govern property use in urban areas since their establishment in New York City.
Step-by-step explanation:
The owner of the unit within a cooperative actually owns a) a share in the corporation that owns the building and typically has the right to occupy a specific unit but does not own the unit directly. Unlike conventional homeownership, cooperative ownership does not involve holding a real estate title to the property. Instead, when someone buys into a cooperative, they become a shareholder in a corporation that owns the property, and they are granted a proprietary lease to a specific unit within the building.
Property rights such as ownership, use, and disposition are fundamental in business, but they come with responsibilities to adhere to government regulations, including zoning regulations. Since the inception of the first zoning ordinance in New York City in 1916, these regulations have shaped the use and development of land throughout the United States, ensuring that property use is consistent with community plans and standards.