Section 6 - Chapter 3 Flashcards
1
Q
a cooperative is:
A
similar to condo, but owners buy shares of stock of the building/corporation.
2
Q
planned unit developments:
A
planned under special zoning, don’t own common areas, fees to maintain common areas
3
Q
mixed-use; highrise
A
combine stores, residential, gym, etc in one building
4
Q
“piti”
A
principal, interest, taxes, insurance
5
Q
“basic form”
A
common property coverage insurance
6
Q
coinsurance clause
A
usually requires pople to have insurance equal to about 80% of replacement cost of dwelling
