Chapter 17 - Condominiums and Cooperatives

Question 1

Condominium

Answer 1

Form of property ownership in which the owner owns an individual unit in a multiunit building and is a tenant in common with other owners of units in the building in certain common areas.

Question 2

Common Areas

Answer 2

That portion of the condominium property that is owned in common by all of the owners of units in the condominium.

Question 3

Condominium Declaration

Answer 3

Legal document required by state condominium acts to create a condominium.

Question 4

Condominium Plat

Answer 4

Plat of survey of condominium property required by state condominium acts. This must show in sufficient detail the location and dimensions of the real property, as well as all condominium units located on the real property.

Question 5

Limited Common Area

Answer 5

Common area of a condominium that is limited in use to one or more condominium unit owners.

Question 6

Condominium Association

Answer 6

Governing body of a condominium, the members of which are owners of condominiums units. The condominium association usually is in the form of a nonprofit corporation.

Question 7

Assessment

Answer 7

Sum of money owed by a condominium owner for monthly upkeep of the common areas of the condominium.

Question 8

Cooperative

Answer 8

Form of ownership of real property in which a corporation owns a multiunit building and leases living space in the building to the shareholders of the corporation.

Question 9

Time-Share

Answer 9

Form of ownership of real property in which an owner owns the property for a short period, usually one or two weeks of each year. Ownership typically is used for vacation or recreational property.

Question 10

Rescission

Answer 10

Right to terminate a contract.