Which of the following is NOT true about a cooperative? A. A cooperative is a form...
Which of the following is NOT true about a cooperative?
A.
A cooperative is a form of co-ownership of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation.
B.
Usually, cooperative owners may not sell their shares or sublease their units without the approval of the other owners.
C.
Individual residents may secure loans for the units they occupy.
D.
The corporation can borrow money on a blanket mortgage, and each shareholder is jointly and severally liable on the loan.
E.
Each cooperative owner leases a unit in the building from the corporation under a renewable, long-term, proprietary lease.
Which of the following is NOT true about a condominium?
A.
Condominiums are a common form of ownership in multiple-dwelling buildings.
B.
Owners may sell or mortgage their units without the permission of the other owners.
C.
Usually, condominium owners may not sell or sublease their units without the approval of the other owners.
D.
In addition to being used for dwelling units, the condominium form of ownership is often used for office buildings, boat docks, and the like.
E.
Purchasers of a condominium (1) have title to their individual units and (2) own the common areas (e.g., hallways, elevators, parking areas, recreational facilities) as tenants in common with the other owners.
Homework Answers
(1): Which of the following is NOT true about a cooperative?
The answer is option “C” - Individual residents may secure loans for the units they occupy.
Explanation: In case of a cooperative individual residents cannot get loans for the units they occupy, rather the corporation can borrow money on a blanket mortgage.
(2): Which of the following is NOT true about a condominium?
The answer s option “C” - Usually, condominium owners may not sell or sublease their units without the approval of the other owners.
Explanation: In case of condominiums owners can sell or mortgage their units without the permission of the other owners as purchasers have title to their individual units.
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