1. Introduction

Question 1

What are the four components of a condominium structure?

Answer 1

Unit owners, Condominium corporation, Board of directors, & Common property

Question 2

Which of the following is not included in a condominium plan?

The size of the unit.
Distinction between the unit and common property.
Any amenities nearby the condominium.
What the owner may have exclusive use over.

Answer 2

Any amenities nearby the condominium.

Question 3

A condominium unit is a physical space within a structure or a parcel of land that is typically fee simple ownership.

True or false?

Answer 3

True

Question 4

Which statement below does not describe unit factors?

Is assigned to each condominium unit as a whole number.
Is always identical between units in the same condominium complex.
Establishes the proportion of common area expenses for each unit is responsible.
Defines the voting rights/weight associated with each unit owner.

Answer 4

Is always identical between units in the same condominium complex.

Question 5

Based on a relative, basic developer calculation, what is the unit factor for a unit with the following criteria? Unit floor space: 125 m­­­­2 Total floor space: 1,580 m2
791.1
791
791.14

Answer 5

791

Question 6

Which of the following statements describe a capital reserve fund study?

1. An extensive review of a building and its components.
2. Aids in planning and saving for future repair of key capital components of a condominium property.
3. Aids in planning and saving for future replacement of key capital components of a condominium property.
4. All of the above.

Answer 6

All of the above