Ownership, usually of real property such as an apartment building, by a corporation, the stockholders of which receive long-term proprietary leases to a portion of the property and a proportional vote in its affairs based on the number of shares owned.

• A. Cooperative ownership
• B. Community property
• C. Fee simple estate
• D. Tenancy in common

Answer: (A)

Cooperative ownership is when a corporation owns the building and residents buy shares in that corporation rather than owning their individual units. Those shares grant a long‑term proprietary lease to a specific portion of the property and governance rights in proportion to the number of shares, giving stockholders a say in the corporation’s affairs. Because ownership flows through the cooperative through shares and leases rather than direct title to the unit, residents’ control and financial obligations are tied to the corporate structure. This matches the description provided: stockholders receive long-term proprietary leases and have proportional votes based on their shares. The other forms don’t fit: community property relates to marital property interests, a fee simple estate is outright private ownership of property, and tenancy in common involves co‑ownership of real property without a corporate structure issuing proprietary leases or tying voting rights to shares.