Which of the following describes a cooperative (co-op)?

The correct choice describes a cooperative (co-op) accurately as a form of housing where residents do not own their individual units outright. In a co-op, residents typically hold shares in a corporation that owns the entire building, which grants them the right to occupy a specific unit. This means that while they have a vested interest in the property, their ownership is fundamentally different from owning a condo or single-family home, in that they are not granted individual title to their unit.

This structure fosters a community-oriented living environment, as members often participate in decision-making regarding the management and upkeep of the building. The cooperative model relies on collective responsibility for the property's maintenance and operation, contributing to a unique set of advantages and obligations for its residents.