REVIEW COMMUNITY OWNERSHIP Flashcards
A FORM OF COMMUNITY OWNERSHIP IN WHICH OWNERS OWN BOTH SEPARATE PROPERTY AND COMMON PROPERTY IS A
CONDOMINIUM DEVELOPMENT
IN A CONDOMINIUM DEVELOPMENT, EACH UNIT OWNER HOLDS A FEE INTEREST IN
SEPARATE PROPERTY.
HE holds an undivided interest with others in the common areas.
in a condominium development, the land and the walls of the property are called
Common Property (the interior of each uit is the "separate property"
In condominium, the air space between the walls, floor and ceiling of a unit is called
Separate Property
The type of community ownership of property which can be used with almost any form of multiple - unit development is a
Condominium development
Condominium developments are enabled by
State laws
A law known as the Horizontal Property act would provide for the existence of
Condominiums
Legislation enabling condominiums provides for subdividing real property into
air lots
The title to each unit in a condominium, is derived from a
Master Deed
The deed which a condominium owner holds to his unit is a
SEPARATE DEED
SELF government in a condominium is accomplished through
The owners association
In a condominium development, the owners’ association is usually organized as a
Non-for-profit-corporation
An owner of a condominium becomes a member of the owners’ association by
buying a unit
In a condominium development, taxes on common areas are paid by the
Owners association
Taxes on individual condominium units are paid by the
Unit owners
In a condominium development, the funds for payment of taxes, the maintenance costs and insurance for common areas come from
association fees
Financing of the units in a condominium development is handled
separately by each owner
The mortgagor on any loans for common areas in a condominium development is the
owners association
In a condominium development, maintenance of common areas, the insurance on the buildings and legal and management expenses are paid by the
Owners’ association
In a condominium development, maintenance with in each unit is the responsibility of
the unit owner
in a cooperative , the title to the land building, and all improvements is held by
a Not-for-profit- corporation
In a cooperative, the individual unit occupant owns
no property
In a cooperative, someone becomes a unit occupant by
buy stock to obtain a proprietary lease
In a cooperative, the mortgage payment is made by the
CORPORATION
In a cooperative, who is responsible for paying for taxes, maintenance, and insurance?
CORPORATION
THE RULES FOR COOPERATIVE LIVING IN A COOPERATIVE DEVELOPMENT ARE MADE BY THE
TENANTS ASSOCIATION
IN General, the rules for cooperative living in a cooperative development compared to conominium are
MORE STRINGENT
A DEVELOPMENT which consists of individually owned , detached homes with community ownership of common areas is called a
PLANNED UNIT DEVELOPMENT - LIKE WHERE VINCE LIVES
THE common areas in a planned unit development are often developed as
recreational areas
In a condominium, the common areas are owned by the
UNIT OWNERS ASSOCIATION
IN A PUD, the common areas are owned by the
community association
Planned unit developments are enabled by
Local zoning
a planned unit development usually has lots that are
smaller than normal
The major limitation of a planned unit development compared to a condominium is that units in a planned unit development cannot be s
stacked
In a planned unit development, the unit owner owns
the land and the air above the land
The most common form of building in a planned unit development is
single-detached or attached
The type of community ownership development which does not allow vertical stacking of units is the
planned unit development
The most recent form of community ownership is called
timesharing
a method of dividing up and selling a living unit for a specified period each year is called
time sharing
time sharing is used almost exclusively for
resort
The primary advantage of timesharing for resort property is
affordability
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
Right to use format
In a timesharing development, the form of organization which gives the buyer ownership in a unit ALONG WITH OTHERS is called the
FEE SIMPLE OWNERSHIP
IN A TIMESHARING DEVELOPMENT, the form of organization which gives the buyer a MEMBERSHIP IN A CLUB which owns the property is called the
CLUB PLAN
