A residence in a cooperative, unlike a condominium, is legally considered ______.

In the context of real estate, a residence in a cooperative is considered personal property rather than real property. This distinction arises because individuals living in a cooperative do not own the physical units themselves; instead, they own shares in a corporation that holds title to the entire property. This arrangement grants them the right to occupy a specific unit, but legally they do not hold title to that unit as real estate.

In contrast, ownership of a condominium unit includes a separate legal title to the unit itself along with shared ownership of common areas. Thus, while condominiums are classified as real property, the cooperative model results in the unit being categorized as personal property due to the nature of ownership and the legal structure of the cooperative corporation. Understanding this distinction is crucial for those working in real estate appraisal and for purchasers evaluating different types of housing options.