Unit 4: Kaplan Exam Flashcards
The form of ownership in which the owners own and finance their individual unit plus own a share of common elements is called
A Condominium
Which must always be TRUE of tenants in common?
Each tenant owns an undivided interest in the property
The purchaser of a cooperative living unit does NOT receive
A deed
Which of the following condominium features would be considered a limited common element?
Reserved parking garage
A married couple asked a real estate salesperson for advice about the best option for them to take title. The salesperson may
describe the choices and, if the couple is still undecided, recommend they speak to an attorney or financial planner
The common elements in a condominium are owned by
all current owners as tenants in common
Ownership in severalty refers to
ownership by one person or entity
Which of these BEST describes condominium ownership?
Freehold ownership in severalty of the unit plus an undivided interest in the common elements as a tenant in common
Which of the following is least likely to be a common interest community?
Single-family home subdivision
Where are time-shares MOST common?
Resort and vacation properties
Common elements in condominium complex include
- Pools, tennis courts, and other amenities
- The exterior roofing and siding
- Hallways, elevators, and social rooms
Condominium owners are required to do all of the following EXCEPT
Attend the annual ownership association meeting
With tenants in common, the obligation to pay property taxes is
the responsibility of each individual owner and the owners as a group
A condominium owner’s balcony and storage unit are BEST described as
Limited common elements
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?
Tenancy in common
