Cooperative Ownership is defined as:
A form of ownership in which each owner of stock in a cooperative apartment building or housing corporation receives a
proprietary lease on a specific apartment and is obligated to pay a monthly maintenance charge that represents the proportionate
share of operating expenses and debt service on the underlying mortgage, which is paid by the corporation. This proportionate share is
based on the proportion of the total stock owned.
Source: Appraisal of Real Estate 14th Edition, Appraisal Institue Request Appraisal Quote