Question

Which of the following forms of co-ownership, historically used for apartment buildings, is not considered a form of true direct co-ownership but rather qualifies as a proprietary corporation?A.CooperativeB. Tenancy by the entiretyC. CondominiumD. Partnership

Answer 1

The correct answer is letter "A": Cooperative.

Step-by-step explanation:

Cooperatives or co-ops are not real state ownerships but imply being in charge of a property under a lease agreement. Similar to condominiums, individuals can live in an apartment that belongs to an owner that in co-ops are companies. The tenant purchases stocks of the company becoming a stakeholder and in return, the company provides the tenant an apartment with a lease agreement for the possession of the property.