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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.

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.

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