Condominiums, Cooperatives, Time Sharing, and Planned Development Housing Flashcards
Which subject would least likely be found in a prospectus marketing a time share condominium?
A) Interval ownership
B) Floating-use periods
C) Prepaid vacations
D) Escalating rents
D) Escalating rents
Assume a timeshare sales misrepresentation the amount of the unit will be available to a purchaser. All are true except:
A) The sale is voidable
B) The sales agent is jointly and severally liable for the full amount paid by the purchaser plus interest at 10%
C) The agent is liable for court costs and reasonable attorney fees
D) The director may fine the sales agent $30,000
D) The director may fine the sales agent $30,000
Which of the following is not required under Hawaii’s timeshare law regarding the offering of one month vacation licenses to use a condo unit:
A) A 7-day mutual right of rescission
B) Registration with the Department of Commerce and Consumer Affairs
C) Disclosure statement to be given to prospective buyer
D) Ceiling on the interest rate charged
D) Ceiling on the interest rate charged
Which of the following terms best describes a modern form of real property ownership which involves the guaranteed right of occupancy and use a specific property for a specific portion of each year for either a fixed number of years or forever:
A) Time sharing
B) Recreation lease
C) Periodic tenancy
D) Life estate
A) Time sharing
The right of recession for a purchaser of a condominium is
A) Midnight of the thirtieth day
B) Seven days
C) Five days
D) One year
A) Midnight of the thirtieth day
A developer of a condominium must have:
A) Final public report
B) Supplementary report
C) Current public offering statement
D) Disclosure statement
A) Final public report
An owner of a condominium apartment can obtain which of the following on his individual unit:
I. Title Insurance
II. Homeowner’s hazard insurance
A) I only
B) II only
C) Both I and II
D) Neither I nor II
C) Both I and II
An owner of a condominium apartment holds which of the following:
A) Proprietary lease
B ) Stock certificate
C) Separate taxable fee simple estate
D) Tenancy in common estate
C) Separate taxable fee simple estate
The provisions in a condominium declaration and by-laws apply to which of the following:
I. All apartment owners
II. Employees of owners and tenants
A) I only
B) II only
C) Both I and II
D) Neither I nor II
C) Both I and II
I. All apartment owners
II. Employees of owners and tenants
Which of the following is true?
I. All apartments in a condominium are responsible for a share of the property which are assessed on the building as a whole
II. Home exemption is not applicable to a condominium
A) I only
B) II only
C) Both I and II
D) Neither I nor II
D) Neither I nor II
The declaration submitted to the Real Estate Commission under the Condominium Property Regime laws must contain:
I. A description of the common elements
II. The percentage of undivided interest in the common elements appertaining to each individual apartment including voting rights.
A) I only
B) II only
C) Both I and II
D) Neither I nor II
C) Both I and II
I. A description of the common elements
II. The percentage of undivided interest in the common elements appertaining to each individual apartment including voting rights.
Which is true?
I. A person guilty of violating the condominium laws is guilty of a felony and subject a $5,000 fine
II. A person guilty of violating the condominium law is subject to a fine of $1,000 and three year jail term
A) I only
B) II only
C) Both I and II
D) Neither I nor II
D) Neither I nor II
If the Board of Directors of a condominium project obtains insurance coverage:
I. The premiums are common expenses
II. Individual apartment owners cannot insure their own apartments
A) I only
B) II only
C) Both I and II
D) Neither I nor II
A) I only
I. The premiums are common expenses
