In a cooperative, the proprietary lease or occupancy agreement defines the member's rights and obligations in relation to the living unit.

In a cooperative, the proprietary lease or occupancy agreement defines the member's rights and obligations in relation to the living unit.

• A. Not applicable
• B. It depends
• C. True
• D. False

Answer: (C)

In a cooperative, the proprietary lease or occupancy agreement is the document that grants a member the right to occupy a specific unit and spells out what the member must do and what they may do with that unit. This lease or occupancy agreement defines the exclusive occupancy rights, along with the member’s obligations such as paying maintenance or assessments, following building rules, maintaining the interior of the unit, and obtaining approval for alterations or subletting. Because this contract is the official reference for how the unit is used and what is expected of the member, the statement is true. The other options don’t fit: there is always such a document in a cooperative, it isn’t a matter of depending on circumstances, and it isn’t correct to say it doesn’t define those rights and duties.

In a cooperative, the proprietary lease or occupancy agreement is the document that grants a member the right to occupy a specific unit and spells out what the member must do and what they may do with that unit. This lease or occupancy agreement defines the exclusive occupancy rights, along with the member’s obligations such as paying maintenance or assessments, following building rules, maintaining the interior of the unit, and obtaining approval for alterations or subletting. Because this contract is the official reference for how the unit is used and what is expected of the member, the statement is true. The other options don’t fit: there is always such a document in a cooperative, it isn’t a matter of depending on circumstances, and it isn’t correct to say it doesn’t define those rights and duties.