Which of the following is NOT true about a cooperative?
A.
A cooperative is a form of co-ownership of a multiple-dwellingbuilding in which a corporation owns the building and the residentsown shares in the corporation.
B.
Usually, cooperative owners may not sell their shares orsublease their units without the approval of the other owners.
C.
Individual residents may secure loans for the units theyoccupy.
D.
The corporation can borrow money on a blanket mortgage, and eachshareholder is jointly and severally liable on the loan.
E.
Each cooperative owner leases a unit in the building from thecorporation under a renewable, long-term, proprietary lease.
Which of the following is NOT true about a condominium?
A.
Condominiums are a common form of ownership in multiple-dwellingbuildings.
B.
Owners may sell or mortgage their units without the permissionof the other owners.
C.
Usually, condominium owners may not sell or sublease their unitswithout the approval of the other owners.
D.
In addition to being used for dwelling units, the condominiumform of ownership is often used for office buildings, boat docks,and the like.
E.
Purchasers of a condominium (1) have title to their individualunits and (2) own the common areas (e.g., hallways, elevators,parking areas, recreational facilities) as tenants in common withthe other owners.