What type of property ownership involves ownership of a share in a corporation that owns property?

Cooperative ownership is a unique form of property ownership where individuals do not own their units outright. Instead, they own shares in a corporation that collectively owns the entire property. This structure allows residents to have a say in the management of the building and its finances, as their share ownership generally equates to a vote in cooperative meetings. Members receive a proprietary lease that grants them the right to occupy a specific unit. This differs significantly from condominium ownership, where individuals own their specific units and share ownership of common areas as tenants in common. Fee simple ownership refers to owning a property in its entirety, while joint tenancy involves property shared equally among co-owners with rights of survivorship. Thus, cooperative ownership is defined distinctly by the shareholding structure, making it the correct choice in this context.