Chapter 27 Flashcards
The document intended to help buyers make an informed decision about their purchase is called ….
Offering plan is also known as a Prospectus or Black Book
Which of the following is NOT a typical interview issue for the board or the purchaser …
A) Timing
B) Familiarity with a complete package
C) Professionalism
D) Total disclosure
D) Professionalism
What is the agreement that outlines the responsibilities between the cooperative and the lender ?
Recognition agreement
A condominium owner’s shares of the comment elements is typically determined by …
The square footage of the owners unit .
Once approved , the application to test the market is efficient for …
120 days …
The application to test the market will be effective for 120 days after acceptance but can be extender for 60 additional days if the developer provides reasons why 120 days was not adequate.
The attorney general does not have the right to …
Regulate the price of condos.
He had the right to regulate the proper discourse of prices but not the prices themselves .
CPS1 allows the developer to …
Market test the condominiums
Cooperative policy statement #1
The statement of financial position contains everything except …
Cash flow ..
It contains assets , liabilities , net worth …. but NOT cash flow
The sale of co-op shares , condo units , or interests in homeowners associations is subject to the Martin Act , as is the sale of other securities such as stocks and bonds. The law requires that a complete description of these kinds of real estate interest be provided in …
The offering plans
Which is also known as a the black book or prospectus
What are the basic rules that a condominium works under and operates ?
Bylaws
Condominium flipping requires …
The developers permission !!!
The documents that describes the rights of the unit owners is called the …
Articles of incorporation…
The to articles of incorporation describe the rights of the unit owners , covering a number of issues from the rights and duties of the board to whether or not unit owners can have pets.
A condominium can be ….
Residential , commercial and industrial
Certificates if occupancy are issued for …
Each condo unit
Which annual fanciful statement tells what has been earned , what has been spent , and what is left over …
Income statement !
