Condominiums

Question 1

A form of community ownership in which owners own both separate property and common property is a

Answer 1

Condominium development

Question 2

In a condominium development, each unit owner holds a fee interest in

Answer 2

SEPARATE PROPERTY

Question 3

In a condominium, development, the land and the walls of the property are called

Answer 3

COMMON PROPERTY

Question 4

In a condominium, the air space between the walls, floor and ceiling of a unit is called

Answer 4

SEPARATE PROPERTY

Question 5

A TYPE of community ownership of property which can be used with almost any form of “multiple-unit” development is a

Answer 5

CONDOMINIUM DEVELOPMENT

Question 6

Condominium developments are enable by

Answer 6

STATE LAWS

Question 7

A law known as the Horizontal Property Act would provide for the existence of

Answer 7

CONDOMINIUMS

Question 8

Legislation enabling condominiums provides for subdividing real property ino

Answer 8

AIR LOTS

Question 9

The title to each unit in a condominium is derived from a

Answer 9

Master Deed

Question 10

The deed which a condominium owner holds to his unit is a

Answer 10

SEPARATE DEED

Question 11

In a condominium development, the owners association is usually organized as a

Answer 11

Not-for-profit- corporation

Question 12

In a Condominium development, taxes on common areas are paid by the

Answer 12

OWNERS’ ASSOCIATION

Question 13

THE MORTGAGOR on any loans for common areas in a condominium development is the

Answer 13

OWNERS’ ASSOCIATION

Question 14

SELF GOVERNMENT in a condominium is accomplished through

Answer 14

THE OWNERS’ ASSOCIATION

Question 15

IN A COOPERATIVE, the individual unit occupant owns

Answer 15

NO PROPERTY- only the right to occupy one of the units in the property

Question 16

In a Cooperative, someone becomes a unit occupant by

Answer 16

BUYING STOCK TO OBTAIN A PROPRIETARY LEASE

Question 17

IN A COOPERATIVE the mortgage payment is made by the

Answer 17

CORPORATION

Question 18

IN A COOPERATIVE who is responsible for paying for taxes, maintenance and insurance?

Answer 18

The Corporation

Question 19

Rules for the cooperative living in a cooperative development are made by the

Answer 19

TENANTS’ ASSOCIATION

Question 20

RULES FOR COOPERATIVE living in a cooperative development compared to a condominium are

Answer 20

MORE STRINGENT

Question 21

Cooperatives have attached units in one building and the entire development is owned by a corporation.

Answer 21

A development which consists of individually owned, detached homes with community ownership of common areas is called A “PLANNED UNIT”

Question 22

IN A PUTD, the common areas are owned by the

Answer 22

Community association.

Question 23

PUD are enabled by

Answer 23

Local Zoning

Question 24

PUD usually have lots that are

Answer 24

Smaller than normal

Question 25

PUD can not

Answer 25

BE stacked so most are single family detached dwellings or attached townhouses.

Question 26

In a Planned Unit Development, the unit owner owns

Answer 26

The Land and the air above the land.

Question 27

The most common form of building in a planned unit development is

Answer 27

single-family, detached or attached

Question 28

The type of community ownership development which does not allow vertical stacking of units is the

Answer 28

Planned Unit Developments PUD

Question 29

The most recent form of community ownership is a

Answer 29

TIMESHARE

Question 30

A METHOD of dividing up and selling a living unit for a specified period each year is called

Answer 30

TIMESHARING

Question 31

TIME SHARING IS FOR

Answer 31

RESORT PROPERTY

Question 32

PRIMARY advantage of timesharing for resort property is

Answer 32

affordability

Question 33

The timesharing development, the form of organization which gives the buyer only the use of the property for a specified period oeah year is called the

Answer 33

RIGHT - TO- USE FORMAT

Question 34

In a timesharing development, the form of organization which gives the buyer ownership in a unit along with others is called th4e

Answer 34

FEE SIMPLE OWNERSHIP FORMAT

Question 35

IN A timesharing development the organization which gives the buyer a membership in a club which owns the property is called the

Answer 35

CLUB PLAN FORMAT