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REAL ESTATE > unit 8 unit test > Flashcards

unit 8 unit test Flashcards

1
Q

condominium

A

ownership with others or shared ownership

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2
Q

unit ownership

A

fee simple and involves a certificate of title registered in the owner’s name.

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3
Q

Created at the start of real estate development to fund the maintenance of features or amenities that will not be funded or maintained by the municipality

A

homeowners association

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4
Q

timeshares

A

involves the purchase or lease of property in which multiple parties hold similar rights regarding the use of a property

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5
Q

right to use ownership

A

indivdual leases an interest in the property for a certain period of time each year. (15-50 years)

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6
Q

A person whole alone or in conjunction with another person sells or offers for sale to the public units or proposed units that have not been sold

A

developer

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7
Q

Condo plan

A

2- or 3-dimensional plan of subdivision that outlines the size, location & boundaries of the land

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8
Q

decision-making process

A

agenda, discussion, motion, vote, decision

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9
Q

minimum number of individuals that must be present at a meeting

A

quorum

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10
Q

exclusive use areas

A

only that owner is permitted the enjoyment that area provides

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11
Q

4 components that makeup the structure of a condo

A

unit owners, condo corp, board of directors, common property

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12
Q

total sum of all unit factors for a condo plan must equal 10,000

A

unit factors

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13
Q

legislation governs the creation and operation of condos in Alberta

A

condo property act & regulation

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14
Q

the benefit of hiring a professional condo manager

A

continuity

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15
Q

what following method may be used by real estate professionals to determine if a condo utilizes the services of a condo manager

A

review the condo additional plan sheet (CADS)

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16
Q

Which management involves the condo corp, under the leadership of the board of directors, carrying out ALL duties related to the condo

A

self-management

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17
Q

operating fund

A

refers to the money used to pay for the regular, recurring expenses of the condo. (utilities, maintenance e, repairs)

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18
Q

estimates the amount of money the condo corp expects to generate and spend in the next fiscal year

A

annual budget

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19
Q

if the condos funds are insufficient for meeting short/long-term financial needs, the board of directors can levy what on all units

A

special assessment

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20
Q

balance sheet

A

provides an overall picture of what a condo corp owns and what it owes

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21
Q

On a condo, plan units are typically depicted using what

Exclusive use areas are depicted by

A

bolded, solid lines and given a unique number

Dashed lines & given a distinctive designation

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22
Q

boundaries for units within this type of condo are distinguished by the interior finish on floors, walls, ceilings

A

conventional condo plan, units are defined spaces within a structure

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23
Q

boundaries for units within this type are defined by the width and depth of each parcel of land

A

bare land condo plan

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24
Q

real estate transactions involving units in which type of condo requires a real property report

A

bare land condo

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25
Q

a signed statement from the condo corp that confirms the financial info it provides regarding a unit is correct as of the date

A

estoppel certificate

26
Q

conversion condo

A

involve buildings that previously offered rental or leased space such as apartment buildings, offices warehouses

27
Q

right of rescission

A

right of buyers to cancel or rescind a purchase contract under certain terms

28
Q

The condo property act refers to what is an annual report

A

statement of the reserve fund

29
Q

legislation that governs the creation and operation of condos in ab

A

condo property act and regulation

30
Q

board of directors

A

responsible for carrying out the duties of the condo corp

31
Q

extraordinary meetings

A

involves a specific issue, held when urgent decision needs to be made

32
Q

annual general meeting

A

must be scheduled within 15 months from the date on which the previous one was held

33
Q

legal entity consisting of all unit owners that is created upon registration of a condo plan with a land titles office

A

condo corp

34
Q

condos are created by which entity

A

developers

35
Q

which meeting is board of directors elected for upcoming year

A

annual general meeting

36
Q

who has the power to remove or replace a condo administrator

A

the court

37
Q

lease considered short if

A

its less an 12 months, more than 12 months its long term 3 years more may be registered against the title of the property

38
Q

notice of rental/lease ending

A

within 20 days of the rental/lease ending

39
Q

residential

non-residential

A

rental/leases of private dwelling are governed by statute law.
Agreements are governed by the common law and contract law

40
Q

board of directors delegating some/all of its duties to a third party?

A

prof condo management

41
Q

meetin minute process

A

record, develop drat, review draft, approve

42
Q

more than oen individual possesses fee simple ownership, provides individual with a certain number of weeks per year to use the property (recreational properties in resort areas)

A

fractional ownership

43
Q

statement of the reserve fund is referred to as an

A

annual report

44
Q

title parking stalls

exclusive-use parking stall

A

held in fee simple ownership by individuals registered on title, solid, bolded line
Part of common property, owned by condo corp, dashed line & unique designation

45
Q

provides protection for the condo corp and the board of directors in their administration of the condo affairs

A

liability insurance

46
Q

legal document created by an AB land surveyor that illustrates the boundaries of the unit as well as any improvments placed on a property

A

real property report

47
Q

the right of buyers to cancel or rescind a purchase contract under certain terms.

A

Right of rescission

48
Q

type of condo plans that have units which are parcel of lands with boundaries define by floors, walls, ceilings

A

barely blended condos.

49
Q

condo plans that often include a common property unit

A

barely-blended condos

50
Q

which condo documents are instruments registered that affect either the common property or the condo corp

A

Condo additional plan sheet

51
Q

what type of storage can be redistributed at the discretion of the board of directors

A

assigned storage areas

52
Q

which condo document contains financial info regarding a unit and is produced just before the closing date of a real estate trans

A

estoppel certificate

53
Q

who are real estate professionals accountable to regarding condo documents

A

seller, real estate brokerage

54
Q

Upon receiving a written request, how much time does a condominium management company have to provide a copy of the management agreement?

A

10 days

55
Q

The HiHo Condominium was established in 2003. Which statement is correct regarding how often a Reserve Fund Study must be completed?

A

5

56
Q

Under the legislation, the right of rescission is best described by which statement?

A

The ability of purchasers to cancel their purchase contract with a developer

57
Q

which documents can be found through spin 2

A

CADS, unit title and registered instruments

58
Q

which document can the total number of units in a condominium be found?

A

CADS, condo additional plan sheet

59
Q

reserve fund documents in order

A

study, report, plan

60
Q

info found on an estoppel certificate

A

monthly contributions assessed for a particular unit

61
Q

Which formula correctly illustrates the relationship among the components of a Balance Sheet?

A

assets=liability+equity

62
Q

which statement describes post-tension cables

A

the construction method that reinforces concrete

REAL ESTATE (13 decks)

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