unit 8 unit test Flashcards
condominium
ownership with others or shared ownership
unit ownership
fee simple and involves a certificate of title registered in the owner’s name.
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
homeowners association
timeshares
involves the purchase or lease of property in which multiple parties hold similar rights regarding the use of a property
right to use ownership
indivdual leases an interest in the property for a certain period of time each year. (15-50 years)
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
developer
Condo plan
2- or 3-dimensional plan of subdivision that outlines the size, location & boundaries of the land
decision-making process
agenda, discussion, motion, vote, decision
minimum number of individuals that must be present at a meeting
quorum
exclusive use areas
only that owner is permitted the enjoyment that area provides
4 components that makeup the structure of a condo
unit owners, condo corp, board of directors, common property
total sum of all unit factors for a condo plan must equal 10,000
unit factors
legislation governs the creation and operation of condos in Alberta
condo property act & regulation
the benefit of hiring a professional condo manager
continuity
what following method may be used by real estate professionals to determine if a condo utilizes the services of a condo manager
review the condo additional plan sheet (CADS)
Which management involves the condo corp, under the leadership of the board of directors, carrying out ALL duties related to the condo
self-management
operating fund
refers to the money used to pay for the regular, recurring expenses of the condo. (utilities, maintenance e, repairs)
estimates the amount of money the condo corp expects to generate and spend in the next fiscal year
annual budget
if the condos funds are insufficient for meeting short/long-term financial needs, the board of directors can levy what on all units
special assessment
balance sheet
provides an overall picture of what a condo corp owns and what it owes
On a condo, plan units are typically depicted using what
Exclusive use areas are depicted by
bolded, solid lines and given a unique number
Dashed lines & given a distinctive designation
boundaries for units within this type of condo are distinguished by the interior finish on floors, walls, ceilings
conventional condo plan, units are defined spaces within a structure
boundaries for units within this type are defined by the width and depth of each parcel of land
bare land condo plan
real estate transactions involving units in which type of condo requires a real property report
bare land condo
a signed statement from the condo corp that confirms the financial info it provides regarding a unit is correct as of the date
estoppel certificate
conversion condo
involve buildings that previously offered rental or leased space such as apartment buildings, offices warehouses
right of rescission
right of buyers to cancel or rescind a purchase contract under certain terms
The condo property act refers to what is an annual report
statement of the reserve fund
legislation that governs the creation and operation of condos in ab
condo property act and regulation
board of directors
responsible for carrying out the duties of the condo corp
extraordinary meetings
involves a specific issue, held when urgent decision needs to be made
annual general meeting
must be scheduled within 15 months from the date on which the previous one was held
legal entity consisting of all unit owners that is created upon registration of a condo plan with a land titles office
condo corp
condos are created by which entity
developers
which meeting is board of directors elected for upcoming year
annual general meeting
who has the power to remove or replace a condo administrator
the court
lease considered short if
its less an 12 months, more than 12 months its long term 3 years more may be registered against the title of the property
notice of rental/lease ending
within 20 days of the rental/lease ending
residential
non-residential
rental/leases of private dwelling are governed by statute law.
Agreements are governed by the common law and contract law
board of directors delegating some/all of its duties to a third party?
prof condo management
meetin minute process
record, develop drat, review draft, approve
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)
fractional ownership
statement of the reserve fund is referred to as an
annual report
title parking stalls
exclusive-use parking stall
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
provides protection for the condo corp and the board of directors in their administration of the condo affairs
liability insurance
legal document created by an AB land surveyor that illustrates the boundaries of the unit as well as any improvments placed on a property
real property report
the right of buyers to cancel or rescind a purchase contract under certain terms.
Right of rescission
type of condo plans that have units which are parcel of lands with boundaries define by floors, walls, ceilings
barely blended condos.
condo plans that often include a common property unit
barely-blended condos
which condo documents are instruments registered that affect either the common property or the condo corp
Condo additional plan sheet
what type of storage can be redistributed at the discretion of the board of directors
assigned storage areas
which condo document contains financial info regarding a unit and is produced just before the closing date of a real estate trans
estoppel certificate
who are real estate professionals accountable to regarding condo documents
seller, real estate brokerage
Upon receiving a written request, how much time does a condominium management company have to provide a copy of the management agreement?
10 days
The HiHo Condominium was established in 2003. Which statement is correct regarding how often a Reserve Fund Study must be completed?
5
Under the legislation, the right of rescission is best described by which statement?
The ability of purchasers to cancel their purchase contract with a developer
which documents can be found through spin 2
CADS, unit title and registered instruments
which document can the total number of units in a condominium be found?
CADS, condo additional plan sheet
reserve fund documents in order
study, report, plan
info found on an estoppel certificate
monthly contributions assessed for a particular unit
Which formula correctly illustrates the relationship among the components of a Balance Sheet?
assets=liability+equity
which statement describes post-tension cables
the construction method that reinforces concrete
