A condominium owner buys stock in a corporation, which owns the condominium; this stock gives the condominium owner a right to live in a condominium unit.

Question

Quizplus · Accepted Answer

This describes a cooperative (co-op) ownership, not a condominium. In a co-op, residents own shares in a corporation that owns the building, granting them the right to occupy a unit. In a condominium, individuals own their specific units outright.

A Condominium Owner Buys Stock in a Corporation, Which Owns