What type of ownership is defined by the co-op corporation holding title to the building and its common elements?

The correct answer is that the type of ownership defined by the co-op corporation holding title to the building and its common elements is actually consistent with the characteristics of cooperative ownership, which is not explicitly listed in the provided options.

In a cooperative (co-op) structure, the corporation owns the entire property—including the land and the building—while residents hold shares in the corporation. These shares provide the right to occupy a specific unit but do not confer ownership of the unit itself in the traditional sense. Instead, residents have a lease agreement with the corporation, granting them the right to live in their particular unit.

The choices provided do not include "Cooperative Ownership," which would accurately describe this situation.

While other types of ownership like condominium ownership involve individual ownership of specific units combined with shared ownership of common areas, fee simple ownership implies full ownership of real estate, and leasehold ownership typically involves possession through leasing rather than ownership. Shared ownership suggests multiple parties share ownership but does not capture the essence of a co-op arrangement where a corporation holds title, making it less applicable.

Understanding these distinctions clarifies that the ownership structure described pertains to cooperative ownership, reflecting how a co-op functions distinctly from other forms of real estate ownership.