OWNERSHIP: SECTION 12, MULTIPLE OWNER PROPERTIES

Question 0

Define “COOPERATIVE”

Answer 0

1) Coop owns-Severalty
2) Members own stock
3) Stockholders get a proprietary lease/Leasehold Estate
4) Rental payments to Coop
5) Coop pays mortgage and taxes
6) All could lose if foreclosed

Question 1

Name 3 Types of “MULTIPLE OWNER PROPERTIES”

Answer 1

1) COOPERATIVE
2) CONDOMINIUM
3) TIME SHARING

Question 2

What should you think of when you hear the word Condominium?

Answer 2

OWNERSHIP: Each person owns their own unit

Question 3

Define “CONDOMINIUM”

Answer 3

1) Fee Simple Title
2) Pay your own mortgage and taxes
3) Common areas owned as TENANTS-IN-COMMON
4) Pay home association dues
5) Master Deed or Declaration is Recorded
6) Bylaws and Charter: Rules and Regulations

Question 4

Describe what might be a common area at a condominium

Answer 4

Hallways, green space, swimming pool area, etc…

Question 5

Describe “TIME SHARING”

Answer 5

1) Receive FEE SIMPLE TITLE”
2) Fee Simple Title to unit for set period of time each year
3) Interval Ownership

Question 6

A person purchased a condominium containing common areas. What would be true regarding the assessment for taxes on the common areas?

Answer 6

They would be divided up