In which type of property ownership do residents own shares in the entire property?

Prepare for the Connecticut Municipal Assessor Certification Test. Engage with comprehensive flashcards and multiple choice questions, complete with hints and explanations. Master your exam!

In a cooperative, residents do not own their individual units outright, but rather they own shares in a corporation or association that owns the entire property. This structure means that each resident has a stake in the property as a whole rather than just their specific living space. In this type of ownership, residents typically have the right to occupy a specific unit based on the number of shares they hold, which aligns with the cooperative model that emphasizes shared ownership and community living.

In contrast, condominiums represent a form of ownership where individuals own their specific units outright while sharing ownership of common areas with other condominium owners. Townhouses are similar in that owners possess their individual structures and sometimes associated land. A duplex is a type of residential building that contains two distinct living units owned by one or two entities, and it does not reflect a shared ownership model like a cooperative. Thus, the nature of ownership in a cooperative distinctly highlights the collective ownership aspect that differentiates it from the other choices.

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