A condominium and a cooperative are essentially the same.

Question

Quizplus · Accepted Answer

A condominium and a cooperative have some similarities, such as shared/common areas and collective decision making, but they are different in ownership structure and governance. In a condominium, owners have individual ownership of their units and shared ownership of common areas, while in a cooperative, owners own shares in the corporation that owns the whole building and have a say in decision making through a board of directors.

A Condominium and a Cooperative Are Essentially the Same