Unit 4: Kaplan Exam Flashcards

1
Q

The form of ownership in which the owners own and finance their individual unit plus own a share of common elements is called

A

A Condominium

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2
Q

Which must always be TRUE of tenants in common?

A

Each tenant owns an undivided interest in the property

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3
Q

The purchaser of a cooperative living unit does NOT receive

A

A deed

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4
Q

Which of the following condominium features would be considered a limited common element?

A

Reserved parking garage

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5
Q

A married couple asked a real estate salesperson for advice about the best option for them to take title. The salesperson may

A

describe the choices and, if the couple is still undecided, recommend they speak to an attorney or financial planner

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6
Q

The common elements in a condominium are owned by

A

all current owners as tenants in common

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7
Q

Ownership in severalty refers to

A

ownership by one person or entity

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8
Q

Which of these BEST describes condominium ownership?

A

Freehold ownership in severalty of the unit plus an undivided interest in the common elements as a tenant in common

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9
Q

Which of the following is least likely to be a common interest community?

A

Single-family home subdivision

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10
Q

Where are time-shares MOST common?

A

Resort and vacation properties

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11
Q

Common elements in condominium complex include

A
  • Pools, tennis courts, and other amenities
  • The exterior roofing and siding
  • Hallways, elevators, and social rooms
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12
Q

Condominium owners are required to do all of the following EXCEPT

A

Attend the annual ownership association meeting

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13
Q

With tenants in common, the obligation to pay property taxes is

A

the responsibility of each individual owner and the owners as a group

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14
Q

A condominium owner’s balcony and storage unit are BEST described as

A

Limited common elements

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15
Q

A couple wants to buy a house together. If either one should die, they want the deceased’s share to go to that person’s heirs, not the co-owner. Which form of ownership allows for this option?

A

Tenancy in common

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16
Q

Parents and their only child buy a property together. If one dies, their share of title will automatically pass to the other owners. How did they take title?

A

Joint Tenants

17
Q

An ownership interest in real estate wherein a purchaser receives the right to use the property for certain periods of time is

A

A time-share

18
Q

All of the following are functions of owners associations EXCEPT

A

to develop and construct new units