What is a key characteristic of a cooperative in relation to ownership?

A cooperative is fundamentally different from other forms of property ownership in that it is owned through shares of stock. In a cooperative, individuals buy shares in the corporation that owns the property, rather than owning their individual units outright, as is the case in condominiums or individually owned homes. This means that the members of the cooperative hold a collective ownership interest in the entire property and share in its management and decision-making processes.

Each member's ownership stake is typically proportional to the number of shares they hold, which can affect their voting rights and other responsibilities within the cooperative. This share-based ownership model promotes a sense of community and allows members to have a voice in the governance of their living environment. Additionally, the cooperative structure can often lead to more affordable housing options, as profits are usually reinvested into the community rather than distributed as dividends to individual shareholders.

The other options describe forms of ownership that do not accurately convey the collective and share-based nature of cooperative ownership. Cooperatives emphasize community and shared governance, distinguishing them from independently owned properties or those held by a single corporation.