What does a cooperative consist of?

A cooperative is fundamentally a corporation that is formed to own property, where its members hold shares in the entity. Each member's ownership is represented by shares rather than direct ownership of a specific unit or property. This structure allows members to have a say in the management and operation of the property through voting rights associated with their shares.

The shared ownership aspect is essential, as it fosters a sense of community and mutual benefit among members, while also providing a collective approach to managing the real estate and its associated expenses. This arrangement differentiates cooperatives from other ownership structures, as members do not own the property outright but rather have a stake in the cooperative itself.

The other options do not accurately capture the essence of a cooperative structure. Individual ownership with no other members indicates a sole proprietor situation rather than a collective environment. A collection of independent homeowners suggests a lack of organization and shared governance, which is contrary to the cooperative model. Lastly, a unit owned by a single person without shares involved describes traditional ownership rather than the cooperative ownership format where shares define the members' stake in the property.