Subdivision Law Developments with Common Elements

Question 1

Common Elements

Answer 1

All portions of a condominium other than units

Question 2

Condiminiums

Answer 2

A system of individual ownership of units in a multifamily structure, combined with an undivided interest in the common areas of the structure and the land

Question 3

Cooperatives

Answer 3

Also called stock cooperatives, generally organized as corporations, with the tenants owning the stock

Question 4

Covenants, Conditions and Restrictions (CC&R’s)

Answer 4

Document that itemizes deed restrictions that uniformly affect all of the subdivison

Question 5

Homeowner’s Association (HOA)

Answer 5

Manages the common elements of the development with common areas and ensures compliance with the HOA rules and the development’s deed restrictions

Question 6

Membership Camping

Answer 6

A campground for which a member (license) is sold; in Arizona memberships cannot be sold until the Commissioner has approved the site

Question 7

Planned Community

Answer 7

Development that includes real estate owned by an association created for the purpose of managing, maintaining, or improving the property, and in which the owners of units are mandatory members required to pay association assessments

Question 8

Planned Unit Development (PUD)

Answer 8

High-density, single-family structures that utilize the land area to the greatest possible extent

Question 9

Proprietary Lease

Answer 9

The lease on a cooperative unit evidencing the possessory interest of the owner of the cooperative shares in such a cooperative unit

Question 10

Time-Shares

Answer 10

A form of join ownership of property where numerous owners share title and enjoy use or occupation of the property according to specific schedule

Question 11

Unit

Answer 11

A portion of a condominium designated for separate ownership boundaries