Asked by Chris Milano on May 02, 2024
Verified
A condominium differs from a cooperative in that a tenant in a cooperative:
A) rents his apartment from the cooperative.
B) owns his apartment in cooperation with corporate owner.
C) owns all the space except the common areas.
D) owns only the internal space.
Condominium
A condominium is a type of property ownership where individual units in a larger complex are owned independently while common areas are held jointly by the unit owners.
Cooperative
An organization owned and operated by a group of individuals for their mutual benefit, focusing on services or goods.
Corporate Owner
An entity that legally owns a corporation, which can be individuals, groups of people, or other companies.
- Familiarize yourself with the concept of co-ownership of property and discern the differences between its types.
Verified Answer
ZK
Zybrea KnightMay 08, 2024
Final Answer :
A
Explanation :
In a cooperative, a tenant does not directly own his apartment; instead, he owns shares in the cooperative corporation that owns the building, and he rents his apartment from the cooperative.
Learning Objectives
- Familiarize yourself with the concept of co-ownership of property and discern the differences between its types.