Features of Condominiums and Cooperatives Flashcards

1
Q

What is a condominium?

A

It’s a hybrid form of ownership of multi-unit residential or commercial properties

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2
Q

An owner’s association is often created to _

A

Enforce the bylaws and manage the overall property

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3
Q

What do condominium owners pay for?

A

All property expenses, such as maintenance, insurance, management fees, supplies, legal fees, and repairs.

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4
Q

Describe a cooperative

A

You own shares in a non-profit corporation or cooperative association, which in turn acquires and owns an apartment building as its principal asset. Along with this stock, the shareholder acquires a proprietary lease to occupy one of the apartment units.

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