Which of the following is true regarding cooperative apartments?
A) They are essentially the same as condominiums.
B) It may be more difficult to get a home mortgage than for other types of housing.
C) They tend to be more expensive than single-family dwellings.
D) They produce more tax advantages than other types of homes.
E) All of the above

Question

Quizplus · Accepted Answer

Cooperative apartments differ from condominiums in that when you purchase a cooperative apartment, you are buying shares in the corporation that owns the building, rather than the actual unit itself. This means that obtaining a home mortgage for a cooperative apartment may be more difficult than for other types of housing, as lenders may have stricter requirements. Option A is incorrect as cooperative apartments are not the same as condominiums. Option C is incorrect as the cost of cooperative apartments varies and they may not necessarily be more expensive than single-family dwellings. Option D is incorrect as cooperative apartments do not necessarily produce more tax advantages than other types of homes.

Which of the Following Is True Regarding Cooperative Apartments