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Condominiums and cooperativesSubject 15 of 19

Cooperative

A housing arrangement in which a corporation owns the real property and occupants own shares tied to proprietary leases.

Also called: co-op, coop

Direct answer

What does Cooperative mean?

A housing arrangement in which a corporation owns the real property and occupants own shares tied to proprietary leases.

Exam cue: The buyer acquires personal property shares and lease rights, not a deed to the apartment.

What does it look like in a question?

New York example

A purchaser buys shares allocated to an apartment and receives a proprietary lease.

Common exam trap

What should you not confuse it with?

A cooperative interest is not the same form of real property ownership as a condominium unit.

Related condominiums and cooperatives terms

Board packageThe application materials a prospective cooperative purchaser or subtenant submits for board review under the cooperative's procedures.Common chargesAmounts assessed against condominium unit owners for common expenses under the governing documents and budget.Common elementsThe parts of a condominium property owned collectively by unit owners rather than as part of one unit.CondominiumA form of ownership in which a person owns an individual unit and an undivided interest in common elements.CondopA property structure that combines a condominium framework with a cooperative component, often through separately owned condominium units.MaintenanceThe periodic amount a cooperative shareholder pays toward the corporation's building expenses and obligations.
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The curriculum citation confirms exam scope. Definition and rule citations support the explanation itself. Links and locators were checked on August 26, 2026.

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