Question

Which one of the following statements regarding condominiums and cooperatives is True?

A.A cooperative and a condominium both involve the same type of ownership of real property.

B.If an owner of a cooperative defaults the entire cooperative may be at risk.

C.A condominium owner has no restrictions placed on them by bylaws.

D.You are more restricted in selling or renting a condominium because you do not own a fee simple in the property.

Answer 1

True or false

A.A cooperative and a condominium both involve the same type of ownership of real property

False - A cooperative is where the ownership of the entire structure is shared. In a condominium, individual units are owned by individual owners.

B.If an owner of a cooperative defaults the entire cooperative may be at risk.

True - default risk is an attribute of coops

C.A condominium owner has no restrictions placed on them by bylaws.

False, there are basic restrictions in the bylaws by which one condo owner cannot infringe on the rights of common space / other owner's place.

D.You are more restricted in selling or renting a condominium because you do not own a fee simple in the property.

False , you can own condominium fee simple. It's easier to sell a condominium.