Property OwnershipGeneralMEDIUM
In New York, a cooperative apartment owner holds:
Correct Answer
B) Shares in a corporation and a proprietary lease
Co-op owners hold shares in the cooperative corporation and a proprietary lease, not real property.
Answer Options
A
Real property deedB
Shares in a corporation and a proprietary leaseC
Condominium unit deedD
Land leaseVideo Explanation2 min
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Related Topics & Key Terms
Related Topics:
property-ownership-typescondominium-vs-cooperativereal-property-deeds
Key Terms:
cooperative apartmentproprietary leaseshares in corporationpersonal propertyNew York co-op
Related Concepts
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
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