Which statement about cooperative ownership is NOT true?

The statement that owners receive a deed is not true in the context of cooperative ownership. In a cooperative, the ownership structure differs fundamentally from traditional real estate ownership. Instead of owning individual units or property outright, owners buy shares in a cooperative corporation that controls the entire property.

This means that when an individual becomes a member of a cooperative, they do not receive a deed to their apartment, as they might in a condominium or single-family home ownership situation. Instead, they receive a proprietary lease, which grants them the right to occupy a specific unit in the cooperative. This arrangement emphasizes collective ownership and participation in the corporation, which controls the property and its management.

Furthermore, the owners are indeed members of the cooperative corporation, thereby allowing them to participate in decision-making processes related to property management and operations. Their ownership is represented through shares, and the proprietary lease reflects their right to occupy their assigned unit, confirming their position in the cooperative structure instead of traditional deed ownership.