Which of the following is a a form of ownership in which each owner of stock in a cooperative apartment building or housing corporation received a proprietary lease on a specific apartment and is obligated to pay a monthly maintenance charge that represents the proportionate share of operating expenses and debt service on the underlying mortgage, which is paid by the corporation?

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Brooks Case

Business

5 July, 23:05

Which of the following is a a form of ownership in which each owner of stock in a cooperative apartment building or housing corporation received a proprietary lease on a specific apartment and is obligated to pay a monthly maintenance charge that represents the proportionate share of operating expenses and debt service on the underlying mortgage, which is paid by the corporation?

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Camryn Lawrence · Answer 1

Answer: Cooperative Ownership

Explanation: In a cooperative ownership, the buyer receives shares of stock in the building corporation and a lease or assignment of the seller's lease of the apartment being sold. A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. Buying a house or renting an apartment aren't the only living arrangements available in the marketplace. Housing cooperatives, colloquially known as co-ops, provide an alternative to the traditional methods of acquiring a primary residence.