REVIEW COMMUNITY OWNERSHIP

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.

HE holds an undivided interest with others in the common areas.

Question 3

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

Answer 3

Common Property
(the interior of each uit is the "separate property"

Question 4

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

Answer 4

Separate Property

Question 5

The 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 enabled 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 into

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

SELF government in a condominium is accomplished through

Answer 11

The owners association

Question 12

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

Answer 12

Non-for-profit-corporation

Question 13

An owner of a condominium becomes a member of the owners’ association by

Answer 13

buying a unit

Question 14

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

Answer 14

Owners association

Question 15

Taxes on individual condominium units are paid by the

Answer 15

Unit owners

Question 16

In a condominium development, the funds for payment of taxes, the maintenance costs and insurance for common areas come from

Answer 16

association fees

Question 17

Financing of the units in a condominium development is handled

Answer 17

separately by each owner

Question 18

The mortgagor on any loans for common areas in a condominium development is the

Answer 18

owners association

Question 19

In a condominium development, maintenance of common areas, the insurance on the buildings and legal and management expenses are paid by the

Answer 19

Owners’ association

Question 20

In a condominium development, maintenance with in each unit is the responsibility of

Answer 20

the unit owner

Question 21

in a cooperative , the title to the land building, and all improvements is held by

Answer 21

a Not-for-profit- corporation

Question 22

In a cooperative, the individual unit occupant owns

Answer 22

no property

Question 23

In a cooperative, someone becomes a unit occupant by

Answer 23

buy stock to obtain a proprietary lease

Question 24

In a cooperative, the mortgage payment is made by the

Answer 24

CORPORATION

Question 25

In a cooperative, who is responsible for paying for taxes, maintenance, and insurance?

Answer 25

CORPORATION

Question 26

THE RULES FOR COOPERATIVE LIVING IN A COOPERATIVE DEVELOPMENT ARE MADE BY THE

Answer 26

TENANTS ASSOCIATION

Question 27

IN General, the rules for cooperative living in a cooperative development compared to conominium are

Answer 27

MORE STRINGENT

Question 28

A DEVELOPMENT which consists of individually owned , detached homes with community ownership of common areas is called a

Answer 28

PLANNED UNIT DEVELOPMENT - LIKE WHERE VINCE LIVES

Question 29

THE common areas in a planned unit development are often developed as

Answer 29

recreational areas

Question 30

In a condominium, the common areas are owned by the

Answer 30

UNIT OWNERS ASSOCIATION

Question 31

IN A PUD, the common areas are owned by the

Answer 31

community association

Question 32

Planned unit developments are enabled by

Answer 32

Local zoning

Question 33

a planned unit development usually has lots that are

Answer 33

smaller than normal

Question 34

The major limitation of a planned unit development compared to a condominium is that units in a planned unit development cannot be s

Answer 34

stacked

Question 35

In a planned unit development, the unit owner owns

Answer 35

the land and the air above the land

Question 36

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

Answer 36

single-detached or attached

Question 37

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

Answer 37

planned unit development

Question 38

The most recent form of community ownership is called

Answer 38

timesharing

Question 39

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

Answer 39

time sharing

Question 40

time sharing is used almost exclusively for

Answer 40

resort

Question 41

The primary advantage of timesharing for resort property is

Answer 41

affordability

Question 42

in a timesharing development, the form of organization which gives the buyer ONLY THE use of the property for SPECIFIED PERIOD each year is called the

Answer 42

Right to use format

Question 43

In a timesharing development, the form of organization which gives the buyer ownership in a unit ALONG WITH OTHERS is called the

Answer 43

FEE SIMPLE OWNERSHIP

Question 44

IN A TIMESHARING DEVELOPMENT, the form of organization which gives the buyer a MEMBERSHIP IN A CLUB which owns the property is called the

Answer 44

CLUB PLAN