(1) "Cooperative" means a form of coownership of real estate in which: (a) the fee interest in the real estate is held by a corporation, partnership, trust, or other legal entity; (b) an individual's interest in the cooperative is evidenced in a form such as stock, participation shares, membership certificates, or similar instrument; and (c) the participating individual's right of occupancy is demonstrated by a proprietary lease or similar instrument.
(a) the fee interest in the real estate is held by a corporation, partnership, trust, or other legal entity;
(b) an individual's interest in the cooperative is evidenced in a form such as stock, participation shares, membership certificates, or similar instrument; and
(c) the participating individual's right of occupancy is demonstrated by a proprietary lease or similar instrument.
(2) "Division" means the Division of Real Estate of the Department of Commerce.
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