A proprietary lease is associated with cooperative housing, where the leaseholder has an ownership interest in the cooperative corporation, granting them rights to occupy a specific unit. This is different from a regular lease, which is simply a rental agreement without ownership rights.

Solved

A Proprietary Lease

Question 82

Multiple Choice

A proprietary lease:

A) Is the same as a regular lease, but longer in length.
B) Is the same as a regular lease, and includes the right of eviction for nonpayment.
C) Is a form of ownership that carries greater rights than a leasehold interest.
D) Is required for all forms of multi-unit ownership.

Correct Answer: