What type of building includes both condominium and cooperative ownership?

The correct answer is that a "condop" is a type of building that includes both condominium and cooperative ownership structures. A condop essentially combines the characteristics of a condominium, where individual owners hold title to their specific units, with the features of a cooperative, where a corporation owns the entire building and residents own shares in that corporation.

In a condop, some parts of the property may be operated as a cooperative (common areas, for example), while the individual units are sold as condominiums. This hybrid structure allows residents who want the flexibility and ownership of condominium living while also benefiting from aspects traditionally associated with cooperatives, such as potentially lower maintenance costs due to shared ownership and governance.

Understanding this dual ownership model is important for real estate professionals because it influences how properties are financed, sold, and managed.