Scan QR code or get instant email to install app
Question:
Sally would like to purchase property in a common interest development (CID). After viewing multiple projects with an agent and considering her options, Sally ends up buying shares of a stock in a corporation that owns an apartment complex. In return, Sally receives the right to occupy one of the apartments. What best describes this type of ownership?
A
Stock cooperative.
explanation
A stock cooperative refers to an apartment building that is owned by a corporation. Tenancy in an apartment unit is obtained by the purchase of shares of stock in the corporation. The owner of such shares is entitled to occupy a specific apartment within the building.
Take more free practice tests for otherReal Estate topics with our real estate practice test now!
Related Information
Comments