Subdivisions

Question 1

Condominium

Answer 1

Ownership of a condominium is a blend of severalty and tenancy in common

Question 2

in a condo airspace is owned

Answer 2

in severalty

Question 3

All owners in a condo community have a tenancy in common interest in the

Answer 3

improvements and the land

Question 4

Common areas are owned outside of the unity and are owned

Answer 4

by all

Question 5

Limited common areas are owned by all but used by

Answer 5

one or a few owners.

Examples of limited common areas are decks balconies walls between units and parking spaces.

Question 6

A condo is created when someone files a

Answer 6

declaration and a master deed.

Question 7

A master deed is the document that

Answer 7

conveys land to condo use.

Question 8

A declaration usually contains,

Answer 8

a property description, description of the units and common areas, limited common areas, restrictive uses, provision for amendments and if the ownership is a fee simple or a lease hold estate.

Question 9

CC’Rs which stands for

Answer 9

Covenants, Conditions, and Restrictions

Question 10

Covenants, Conditions, and Restrictions are

Answer 10

the documents that controls the use, requirements and restrictions of a property as decided upon by the home owners association.

Question 11

The by-laws of a condo define

Answer 11

the responsibilities of the owners and declare how the homeowners association will operate the condo.

Question 12

Is each owner of the condo is responsible for paying his her own property taxes

Answer 12

yes

Question 13

In a cooperative, title is held by

Answer 13

a corporation. And the tenants receive stock and a proprietary lease.

The owners have a personal interest in the real estate.

Question 14

The maintenance fees paid by cooperative owners include:

Answer 14

Mortgage payments
Taxes
Insurance
Maintenance of the property

Question 15

If a coop tenant does not pay their maintenance fee the other coop tenants will make their payment, the may do what to defaulted tenant

Answer 15

evict them

Question 16

The articles of incorporation, the by laws and the landlord – tenant laws
Govern what in a Coop

Answer 16

the operation and possession of the cooperative.

Question 17

Cluster housing is what

Answer 17

a planned subdivision where detached housing is located in close proximity to each other.

Question 18

Cluster housing is a bit like community living where a group of houses, flats or bungalows share a range of

Answer 18

facilities, such as pool, playground or gym etc.