Condominiums - Study guides, Class notes & Summaries

1. Condominium form of ownership is comprised of units owned by one or more persons and joint ownership of ________ share in the common elements. A. a percentage B. an undivided C. a proportional D. a complete - Answer- B. an undivided Condominium means individual ownership of a unit coupled with joint ownership of an undivided share of the common elements as well as mandatory membership in the association. 2. Under the General Corporate Law _______, community associations have the rig...

Humber Real Estate - Course 3, Module 3, Completing Agreements of Purchase and Sale For Residential CondominiumsHumber Real Estate - Course 3, Module 3, Completing Agreements of Purchase and Sale For Residential CondominiumsHumber Real Estate - Course 3, Module 3, Completing Agreements of Purchase and Sale For Residential Condominiums No. They can vary significantly from builder to builder or even from project to project. - ANSWER-Is there a standardized form for builder's agreements? - Dim...

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...

Real Estate Principles Final Exam Colibri Questions and Answers 100% Pass Long Beach salesperson Eric Janey is providing sellers Julie and Zach Roberts with the necessary disclosures they must be given upon the sale of real property. Which of the following is NOT a disclosure that is given upon the sale of real property? - Answer- Mold Disclosure Required Lead-based Paint Disclosure Required Natural Hazards Disclosure Required Radon Detection Test Disclosure - NOT REQUIRED IN CA Escrow ...

egal title, declaration - Answer When a developer sells individual space on a pylon sign, the sign space itself is unitized and the buyer gets _______________ to that space and pays property taxes and condominium fees (both usually small amounts). In turn, a unit owner can sell that pylon sign panel / space to another party or rent it out (if allowed in the ________________)

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 property owners. - Answer What is the definition of a 'Condominium Corporation'? The condominium board - Answer Who establishes the rules and bylaws in a condominium? To secure the assets of the corporation and ensure residents...

Humber Real Estate - Course 4, Module 5: Preparing to Sell Commercial Condominiums A New Owner Information Certificate (NOIC) Note: This provides new owners with the most recent Periodic Information Certificate (PIC) or the most recent Information Certificate Update. NOIC must be sent ASAP and no later than 30 days after the buyer becomes an owner. ️Whenever a buyer assumes ownership of a condominium unit, the corporation's board of directors must send what to the new owner? Hea...

M100 Community Association Management Exam Questions with correct Answers Graded A+ 2024 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 do...

Humber Real Estate - Course 3, Module 3, Completing Agreements of Purchase and Sale For Residential Condominiums Questions & Answers(Graded A+) No. They can vary significantly from builder to builder or even from project to project. - ANSWER-Is there a standardized form for builder's agreements? - Dimensions - Materials of rooms, cupboards & countertops - Descriptions of future facilities planned for the site - Schedules for deposit payments & occupancy dates - ANSWER-What information ...

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