Residential condominium - Study guides, Class notes & Summaries

Each of the following are key characteristics of community associations EXCEPT: a. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association. b. Membership in the community association is mandatory and automatic for all owners. c. A requirement of community association ownership is serving on the board of directors. d. Certain documents bind all owners to be governed by the community association. - Answer- c. A r...

A Community Association is generally defined as real or personal property, owned by two or more entities, which share the responsibility for the costs of maintenance and administration True Purchasers of a timeshare plan have a ten day contract rescission period in which to cancel the purchase True The Florida Fair Housing Act prohibits discrimination on the basis of handicap True A valid Declaration of Condominium must contain easements for ingress and egress to all unit...

Title - correct answer Condominium owners hold ______ to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation. A legal entity that represents the collective interests of its property owners. - correct answer What is the definition of a 'Condominium Corporation'? The condominium board - correct answer Who establishes the rules and bylaws in a condominium? To secure the assets of the co...

A buyer purchasing a pre-construction condominium is required to place a ____________ with the builder to hold the specific unit until it is ready to be occupied. - Deposit A common element condominium must be a __________ condo and not a vacant land or a phased condominium. - Freehold A copy of the condo's __________ must be registered in the Land Registry Office. - Bylaws A developer is not permitted to terminate an agreement without the buyer's consent unless by way of a _____________...

Humber Real Estate - Course 3, Module 1, Introducing Residential CondominiumsHumber Real Estate - Course 3, Module 1, Introducing Residential CondominiumsHumber Real Estate - Course 3, Module 1, Introducing Residential Condominiums Title - ANSWER-Condominium owners hold ______ to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation. A legal entity that represents the collective interests of its ...

Humber Real Estate - Course 3, Module 1, Introducing Residential Condominiums questions with correct answers

Title CORRECT ANSWER Condominium owners hold ______ to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation. A legal entity that represents the collective interests of its property owners. CORRECT ANSWER What is the definition of a 'Condominium Corporation'? The condominium board CORRECT ANSWER Who establishes the rules and bylaws in a condominium? To secure the assets of the corporation an...

Humber Real Estate - Course 3, Module 1, Introducing Residential Condominiums Questions and Answers Graded A Condominium owners hold ______ to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation. Title What is the definition of a 'Condominium Corporation'? A legal entity that represents the collective interests of its property owners. Who establishes the rules and bylaws in a condominium? The co...

Humber Real Estate Course 3, Module 1, Introducing Residential Condominiums 179 Questions and Answers 2024 Title - answer Condominium owners hold to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation.

Texas Promulgated Contracts-CHAMPIONS STUDY 2022-2023. The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilatera...