The real property interest that takes the form of personal property is known as

The real property interest that takes the form of personal property is known as

• A. ownership in severalty
• B. cooperative unit ownership
• C. condominium unit ownership
• D. tenancy in common

Answer: (B)

The interest that takes the form of personal property is best described as cooperative unit ownership. In a cooperative ownership arrangement, individuals own shares in a corporation that holds title to the property, rather than owning the property itself as real estate. This structure means that the ownership is represented by personal property (the shares) rather than real property. In a cooperative, residents have a leasehold interest in their individual units but do not own the real estate outright. This is distinct from other forms of ownership, like condominium or tenancy in common, where individuals have a direct ownership interest in the real property. Understanding this distinction is key to grasping the nature of ownership in cooperatives compared to more traditional real estate ownership models.

The interest that takes the form of personal property is best described as cooperative unit ownership. In a cooperative ownership arrangement, individuals own shares in a corporation that holds title to the property, rather than owning the property itself as real estate. This structure means that the ownership is represented by personal property (the shares) rather than real property.

In a cooperative, residents have a leasehold interest in their individual units but do not own the real estate outright. This is distinct from other forms of ownership, like condominium or tenancy in common, where individuals have a direct ownership interest in the real property. Understanding this distinction is key to grasping the nature of ownership in cooperatives compared to more traditional real estate ownership models.