What is an essential feature of a cooperative ownership structure?

A cooperative ownership structure fundamentally revolves around shared ownership of the entire property rather than individual ownership of separate units. In a cooperative, residents do not own their individual units outright; instead, they own shares in the cooperative corporation that owns the property. This means that all members collectively have ownership of the entire building and its common areas. This arrangement fosters a sense of community, where decisions regarding the property are made collectively by the members and often requires a degree of cooperation and mutual support.

The essence of cooperatives is that the residents share both the responsibilities and benefits associated with property ownership. Unlike individual ownership scenarios, where a unit can be sold or mortgaged independently, cooperative ownership requires adherence to the cooperative's rules and collective agreements. This is why the option highlighting shared ownership aligns perfectly with the defining characteristics of cooperative structures.