Which form is described as ownership where stockholders receive long-term proprietary leases and votes based on shares?

• A. Joint tenancy
• B. Tenancy in common
• C. Community property
• D. Cooperative ownership

Answer: (D)

Cooperative ownership is defined by stock ownership in a corporation that owns the building. Stockholders receive a long-term proprietary lease to occupy a specific unit, and their voting power is tied to the number of shares they hold. This arrangement means residents have an ownership interest via shares rather than owning the unit outright as real property. The voting proportionality to shares is a key feature, distinguishing it from other forms.

Joint tenancy and tenancy in common involve direct ownership of real property with rights of survivorship or undivided interests, not stock ownership or proprietary leases. Community property pertains to marital property regimes, not housing ownership structures.