Ch 8 Section 2 Cooperatives, Condominiums, Time-shares, PUDs

Question 1

Cooperative Ownership

Answer 1

Composed of single units in a multi-unit real estate development

Question 2

In a cooperative, title to the land and individual units is held by :

Answer 2

• Corporation
• Partnership or
• Land trust

Question 3

Proprietary leases

Answer 3

• means Owner and leases in a cooperative
• the tenant is also an owner by virtue of his stock ownership in the corporation

Question 4

Condominium

Answer 4

Composed of single units in a multi-unit real estate development

Question 5

Unit

Answer 5

A cubicle of airspace that lies between the interior surfaces of the unit walls and between the floor and the ceiling
- referred as to as air lots

Question 6

Common Areas

Answer 6

Outside the air lots, or individual units

Question 7

Common wall

Answer 7

Wall separating 2 living units

Question 8

Horizontal Property Acts or Condominium Acts

Answer 8

States have enacted laws governing condominium ownership.
- laws govern the development marketing sale, owner ship and management of horizontal slices of airspace.

Question 9

Condominium instruments

Answer 9

the declaration or master deed, plats, and plans, and laws providing for self government by a unit owners association (HOA)

Question 10

Public offering statement

Answer 10

Disclose the characteristics of the condominium and the units offered and all unusual and material circumstances or features affecting the condominium

Question 11

Public offering statement must contain:

Answer 11

• that the condo will be governed by a units owners association in which each unit owner will have to vote
• that certain decisions will be made by the executive body (board of directors)
• that operating expenses will be paid by unit owners
• that owners will be periodically assessed on the basis of an operating budget
• that the units owners association may impose fines and may file a lien against any owners unit if assessments on unsold units
• provisions regarding resale of units, termination of the condominium and amendments to condominium documents
• matters concerning the managing agents performance of the routine operations of the units owners association.

Question 12

Planned Unit Developments (PUDs)

Answer 12

Designed to produce a high density of dwellings on small lots to maximize open paces
- contain commercial and industrial properties making them mixed used developments fro purposes of zoning ordinances
- must record a subdivision plat and declarations containing covenants and restrictions and provide for a non profit community association to oversee the common areas.

Question 13

Density Zoning

Answer 13

ordinances that restrict the average maximum number of houses per acre in a subdivision rather that restricting lot size for each dwelling are applicable to PUDs

Question 14

Land use Intensity (LUI)

Answer 14

The system of analyzing land use that has become an increasingly important tool in the development of PUD

Question 15

LUI scale

Answer 15

developed for a particular subdivision by relating land, building coverage of the land and open spaces to one another.