Question

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?

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.