What type of real estate ownership allows multiple individuals to own shares in a single property?

The correct answer is that a cooperative allows multiple individuals to own shares in a single property. In a cooperative, the property is owned by a corporation, and individuals purchase shares in that corporation. These shares entitle them to occupy a unit within the property. This structure creates a communal form of ownership, where the members collectively manage and share the costs and responsibilities of the property, as opposed to owning individual portions outright.

In contrast, joint tenancy and tenancy in common refer to ways of owning property directly, where multiple individuals have specific rights to the property itself rather than shares in a corporate entity. Joint tenancy involves the right of survivorship, meaning if one owner dies, their share automatically passes to the surviving owners. Tenancy in common allows each owner to have an individual share that may be transferred or inherited independently of the others.

A condominium is a form of real estate ownership that involves individual ownership of units within a larger property. While condominiums do allow multiple ownership, it is through direct ownership of real property rather than shares in a company, as in the case of a cooperative. Thus, the cooperative is distinct in its structure and approach to shared ownership of real estate.