Question

Which of the following is a type of real estate ownership in which a person has an individual unit and shared use of common areas and facilities of the property?

A) Fee simple absolute ownership.
B) Cooperative ownership.
C) Tenancy in common.
D) Life estate ownership.

Answer 1

Cooperative ownership is a type of real estate ownership where individuals have their own units but also share the common areas and facilities of the property.

Step-by-step explanation:

The correct answer is B) Cooperative ownership. Cooperative ownership is a type of real estate ownership where individuals have their own units but also share the common areas and facilities of the property. This form of ownership is commonly found in residential buildings or communities where residents collectively own and manage the property.