Transfer of Title
A cooperative (co-op) owner holds:
- aFee simple title to their unit
- Shares of stock in the corporation plus a proprietary lease
- cA tenancy in common with all other owners
- dA life estate in the building
Answer: B · Shares of stock in the corporation plus a proprietary lease
A co-op owner buys SHARES in the corporation that owns the building and receives a proprietary lease for their unit — they own personal property (stock), not real estate. Common trap: students think co-op owners hold real property title like condo owners; co-op ownership is stock + lease.
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