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grp ownership/condos/co-ops/ownership tranfers > PUD/Condo/Coop/Group Ownership > Flashcards

PUD/Condo/Coop/Group Ownership Flashcards

1
Q

Blue Sky Laws regulate

a. salesperson and broker commissions
b. broker licensing
c. sales of securities and security brokers
d. out-of-state resorts

A

C. sales of securities and security brokers

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2
Q

If a person owns a condo, they own:

a. undivided interest in common areas and a separate interest in the unit
b. undivided interest in the whole, separate interest in the unit, and ownership of the land under the unit
c. separate interest in the whole
d. divided interest in common areas ad undivided interest in the unit

A

A.

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3
Q

When co-op members sell their interest, they’re selling their:

a. fee simple interest
b. life estate
c. reversionary interest
d. leasehold interest

A

D. leasehold interest

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4
Q

The property of an owner who dies intestate will have their property:

a. escheat to the state
b. transfer by descent to heirs
c. devised by will
d. sold at auction

A

B. transfer to heir

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5
Q

An example of voluntary alienation is

a. acquisition under eminent domain
b. assignment by an attorney in fact
c. loss of property through avulsion
d. escheat of property after a person dies

A

B. assignment by an atty in fact

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6
Q

The three ways in which property ownership is transferred are:

a. proprietary lease, leases and syndication
b. Blue Sky Laws, acknowledgment and county assessor
c. constructive notice, entitled possession and litigation
d. inheritance, involuntary alienation and voluntary alienation

A

D.

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7
Q

An agent would need a securities license in order to sell

a. coops or condos
b. apartment buidlings
c. real estate limited partnerships
d. commercial property

A

C.

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8
Q

In a co-op:

a. each owner has a deed
b. each owner holds stock
c. all owners are on one deed
d. the owners are tenants in common

A

B. each owner holds stock

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9
Q

Which state agency regulates the sale of real estate securities

a. SEC
b. AZ Dept of Financial Institutions
c. AZ Corporation Commission
d. AZ Dept of RE

A

C. AZ Corp Comm

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10
Q

Individual that own the building or unit they live in and the land beneath the buildings, but common areas are jointly owned w/ the other owners:

a. condo
b. coop
c. townhome
d. apart building

A

C. townhome

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11
Q

Which is an example of involuntary alienation

a. mortgage
b. deed of trust
c. deed thru foreclosure
d. deed in lieu of foreclosure

A

C.

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12
Q

An owner’s interest in the condo’s common areas is best described as

a. sole and separate
b. an undivided interest
c. joint tenancy
d. in severalty

A

B.

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13
Q

A co-op charges taxes based on

a. square footage
b. price of property sold
c. appraisal
d. pro rata share

A

D. pro rata

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14
Q

An example of involuntary alienation:

a. condemning a strop of land to build a highway
b. dedication an acre of land to the county
c. gifting a parcel of land to a family member
d. signing a warranty deed at closing

A

A.

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15
Q

A man and his bro purchase a condo taking title as joint tenants. Their interest in the common areas would be held:

a. as community prop
b. as joint tenants
c. as tenant in common
d. in severalty

A

C. tenants in common

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16
Q

Which is a method of acquiring title:

a. joint tenancy
b. community prop
c. adverse possession
d. tenancy at will

A

C.

17
Q

A property governed by a HOA of 50 or more units has a patio cover that was built in violation of the association declaration (CC&Rs). Prior to closing, the association gave notice to the buyer regarding the violation. After the close of escrow, which statement is correct?

a. the patio cover may remain as is
b. if the association did not inspect the property prior to closing, the patio cover can remain
c. the patio cover is in violation of the association’s rules, and the buyer can be forced to remove it
d. the buyer can hold the assoc liable for the cost of removal

A

C.

18
Q

Which is a method of acquiring title

a. joint tenancy
b. community property
c. adverse possession
d. tenancy a t will

A

C.

19
Q

A condo HOA purchased an insurance policy insuring the carpeting throughout the buildings. Which area of the building would the insurance be least likely to cover

a. individual units
b. hallways
c. recreational facilities
d. elevators

A

A.

20
Q

Which type of business entity pays a share of profits to its beneficiaries

a. corporation
b. joint venture
c. REIT
d. syndicate

A

C.

21
Q

Which is an example of involuntary alienation

a. condemning a strip of land to build a highway
b. dedicating an acre of land to the county
c. gifting a parcel of land to a family member
d. signing a warranty deed at closing

A

A.

22
Q

R dies intestate. In order to dispose of her estate

a. her heirs must appoint an executor
b. her will must go through probate court to prove its validity
c. the estate must first escheat to the county
d. the estate must be probated

A

D.

23
Q

Each of these is an example of involuntary alienation except

a. a bank forecloses on a property for nonpayment of a loan
b. someone claims title to property through adverse possession
c. a farmer dedicates property through eminent domain to build a freeway
d. the state takes property through eminent domain to build a freeway

A

C.

24
Q

If a partnership does not pay it’s debts, the creditors may collect from the personal assets of

a. limited partners
b. general partners
c. stockholders of an incorporated company
d. real estate investment trust

A

B.

25
Q

A condo and cooperative would be the same in that:

a. both own fee simple absolute interest
b. both own stock interest in the units
c. both pay annual assessments
d. both are leasehold estates

A

C.

26
Q

No

A

No

27
Q

An example of voluntary alienation is

a. claiming title through adverse possession
b. taking of property by eminent domain
c. foreclosure of mortgage
d. an uncoerced transfer of ownership by deed

A

D.

28
Q

REMEMBER

Ownership Common Areas

Coop Shares of Stock share holders in corporation

Condo Air Lot Tenancy in Common with the other owners

Town Structure & Homeowner’s Assoc

houseLand

A
29
Q

Condominiums in a nutshell

  • Individual ownership of unit
  • Common ownership of common areas
  • Owner get deed owns air lot
  • Owner pays taxes
  • Residential, office, industrial
  • The governing rules are found in the bylaws
  • An AZ, BOD must meet annually open meeting rules apply
    • 100% Fee Simple which is 25% each in common
A
30
Q

Coops in a nutshell

  • Association owns property
  • Shareholders lease unit
  • No deed to individuals (shareholder)
  • Stock interest & proprietary lease
  • One tax statement for building
  • Expenses paid on prorata basis
    • 100% owned by Coop Assoc and Shareholders lease unit not own
A

grp ownership/condos/co-ops/ownership tranfers (1 decks)

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