In New York, a cooperative apartment owner holds:
Question & Answer
Review the question and all answer choices
Real property deed
Option A is incorrect because cooperative owners do not receive a real property deed. A deed transfers ownership of real property, but co-op owners own shares in a corporation, not the real estate itself.
Shares in a corporation and a proprietary lease
Condominium unit deed
Option C is incorrect because condominium owners receive deeds to their individual units, not cooperative owners. Condominiums represent fee simple ownership of an individual unit within a larger property, which is fundamentally different from the cooperative structure.
Land lease
Option D is incorrect because a land lease involves leasing land from a landlord, which is not how cooperative apartments are structured. Co-op owners own shares in a corporation, not a leasehold interest in land.
Why is this correct?
Option B is correct because cooperative apartment owners hold shares in the corporation that owns the building and a proprietary lease granting them the right to occupy a specific unit. This structure differs from direct property ownership, as shareholders own a portion of the corporation rather than the real estate itself.
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