Question

The right to occupy specific space granted by a Cooperative Association is known as a ________.

a) Tenancy
b) Leasehold
c) Concession
d) Easement

Answer 1

The right to occupy specific space granted by a Cooperative Association is known as a leasehold.

Step-by-step explanation:

The right to occupy specific space granted by a Cooperative Association is known as a leasehold. In a leasehold, the occupant has the right to use the property but does not own it. This is commonly seen in rental agreements where the tenant has the right to occupy a specific rental property.

Leasehold refers to a property ownership arrangement in which a person or entity holds the right to use and occupy a property for a specified period, as outlined in a lease agreement. However, the ownership of the land and the property remains with the freeholder or landlord. Leasehold arrangements are common for both residential and commercial properties.