Mary wants to buy an apartment in a building that is owned by ABC Corporation.Mary then purchases stock in ABC Corporation and holds her apartment under a proprietary lease.Under which ownership has Mary acquired title to such an apartment?
A)Condominium ownership
B)Co-ownership in form of tenancy in partnership
C)Ownership acquired by gift
D)Cooperative ownership

Question

Quizplus · Accepted Answer

In a cooperative ownership,a building is owned by a corporation or group of persons.A person who wants to buy an apartment in the building purchases stock in the corporation and holds his apartment under a long-term,renewable lease called a proprietary lease.

Mary Wants to Buy an Apartment in a Building That