E lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, E owns stock in the corporation and has a lease to his apartment. This type of ownership is called a

The correct designation for E's ownership arrangement is known as a cooperative. In a cooperative housing complex, residents do not own their individual units; instead, they own shares in a corporation that in turn owns the entire property. These shares entitle the residents to a lease for their specific apartment within the building.

This structure is distinct from other forms of property ownership found in the choices provided. For example, in a condominium, individuals own their specified units as well as a share of the common areas, which is different from ownership through shares in a corporation. Similarly, a planned unit development involves more traditional forms of homeownership with individual ownership of lots or units, and a time-share typically allows multiple owners to use a property for specific time periods rather than sharing stock in a corporation.

Understanding the unique features of cooperatives is key in real estate, especially as it reflects a communal style of living with shared governance and financial responsibilities among the residents.