Question 1

Those parts of a condominium that are owned by all the unit owners are known as common elements.

Accepted Answer

A) True 
 B)False  True

Question 2

An example of a limited common element could be an assigned ____________________ stall.

Accepted Answer

parking

Question 3

Of the two principal forms of timeshare formats, the largest percent of the market is comprised of the right-to-use format.

Accepted Answer

A) True 
 B)False  False

Question 4

A timeshare offering typically includes

Accepted Answer

A)  no guarantee that the resort rental will be available for a long period such as 20 to 40 years. 
B)  a long-term lease allowing use for one week each year with the rent paid in advance. 
C)  a cooperative corporation selling shares of stock and proprietary leaseholds. 
D)  a qualified fee estate for one or more weeks per year conveyed by deed. 
A)  no guarantee that the resort rental will be available for a long period such as 20 to 40 years. 
B)  a long-term lease allowing use for one week each year with the rent paid in advance. 
C)  a cooperative corporation selling shares of stock and proprietary leaseholds. 
D)  a qualified fee estate for one or more weeks per year conveyed by deed.

Question 5

Choose the one most appropriate answer for each.
-a shareholder in a cooperative apartment

Accepted Answer

A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property 
A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property

Question 6

Choose the one most appropriate answer for each.
-ownership by a corporation that in turn leases spaces to its shareholders

Accepted Answer

A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property 
A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property

Question 7

If you are an owner of a unit in a co-op apartment, your interest would be

Accepted Answer

A)  a tenancy at will. 
B)  a proprietary lease. 
C)  fee simple. 
D)  a stock-option. 
A)  a tenancy at will. 
B)  a proprietary lease. 
C)  fee simple. 
D)  a stock-option.

Question 8

The regulations by which anyone purchasing a unit in the condominium must abide are known as ____________________, conditions, and Restrictions.

Accepted Answer

The answer of The regulations by which anyone purchasing a...

Question 9

Individual units in a condominium development are classed as

Accepted Answer

A)  real property. 
B)  common elements. 
C)  cooperative elements. 
D)  personal property. 
A)  real property. 
B)  common elements. 
C)  cooperative elements. 
D)  personal property.

Question 10

State laws that provide the legal framework for condominium ownership may be identified by any of the following terms EXCEPT

Accepted Answer

A)  strata titles act. 
B)  cooperative housing act. 
C)  condominium act. 
D)  horizontal property act. 
A)  strata titles act. 
B)  cooperative housing act. 
C)  condominium act. 
D)  horizontal property act.

Question 11

Choose the one most appropriate answer for each.
-rules that govern how the owner's association will be run

Accepted Answer

A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property 
A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property

Question 12

Choose the one most appropriate answer for each.
-money set aside from the budget for expenses that do not occur every month

Accepted Answer

A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property 
A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property

Question 13

Choose the one most appropriate answer for each.
-a document that coverts a parcel of land into a stratified subdivision;also called a master deed

Accepted Answer

A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property 
A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property

Question 14

The concept of timesharing started in the U.S.and is limited to use in this country.

Accepted Answer

A) True 
 B)False

Question 15

Choose the one most appropriate answer for each.
-a governing body elected by association members

Accepted Answer

A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property 
A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property

Question 16

The owners' association of a condominium meets yearly and makes such changes in the operation of the common elements as is deemed best for all owners. It can change or amend all of the following EXCEPT

Accepted Answer

A)  deeds to owners' units. 
B)  fire insurance carrier. 
C)  bylaws. 
D)  restriction against rental of units. 
A)  deeds to owners' units. 
B)  fire insurance carrier. 
C)  bylaws. 
D)  restriction against rental of units.

Question 17

The purchaser of a timeshare week who wants to receive a deed to that specific week would buy a

Accepted Answer

A)  leasehold timeshare. 
B)  right-to-use timeshare. 
C)  fee simple timeshare. 
D)  model timeshare. 
A)  leasehold timeshare. 
B)  right-to-use timeshare. 
C)  fee simple timeshare. 
D)  model timeshare.

Question 18

All states have passed condominium laws that are variously known as a state's horizontal property act, strata titles act, or condominium act.

Accepted Answer

A) True 
 B)False

Question 19

The governing body of a cooperative is called a board of directors.

Accepted Answer

A) True 
 B)False

Question 20

Choose the one most appropriate answer for each.
-individual ownership of a space of air plus undivided ownership of the common elements

Accepted Answer

A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property 
A) annual meeting 
B) board of directors 
C) bylaws 
D) covenants, conditions, and restrictions (CC&Rs) 
E) common elements
F)condominium
G)condominium act
H)condominium subdivision
I)cooperative
J)cooperator
K)house rules
L)maintenance fees
M)management company
N)owner's association
O)proprietary lease
P)planned unit development (PU
D) 
Q)reserves
R)resort timeshare
S)right-to-use
T)separate property

Exam 22: Condominiums, Cooperatives, Puds, and Timeshares

Those parts of a condominium that are owned by all the unit owners are known as common elements.

An example of a limited common element could be an assigned ____________________ stall.

Of the two principal forms of timeshare formats, the largest percent of the market is comprised of the right-to-use format.

A timeshare offering typically includes

Choose the one most appropriate answer for each. -a shareholder in a cooperative apartment

Choose the one most appropriate answer for each. -ownership by a corporation that in turn leases spaces to its shareholders

If you are an owner of a unit in a co-op apartment, your interest would be

The regulations by which anyone purchasing a unit in the condominium must abide are known as ____________________, conditions, and Restrictions.

Individual units in a condominium development are classed as

State laws that provide the legal framework for condominium ownership may be identified by any of the following terms EXCEPT

Choose the one most appropriate answer for each. -rules that govern how the owner's association will be run

Choose the one most appropriate answer for each. -money set aside from the budget for expenses that do not occur every month

Choose the one most appropriate answer for each. -a document that coverts a parcel of land into a stratified subdivision;also called a master deed

The concept of timesharing started in the U.S.and is limited to use in this country.

Choose the one most appropriate answer for each. -a governing body elected by association members

The owners' association of a condominium meets yearly and makes such changes in the operation of the common elements as is deemed best for all owners. It can change or amend all of the following EXCEPT

The purchaser of a timeshare week who wants to receive a deed to that specific week would buy a

All states have passed condominium laws that are variously known as a state's horizontal property act, strata titles act, or condominium act.

The governing body of a cooperative is called a board of directors.

Choose the one most appropriate answer for each. -individual ownership of a space of air plus undivided ownership of the common elements

Nature and Description of Real Estate

Rights and Interests in Land

Forms of Ownership

Transferring Title

Recordation Abstracts and Title Insurance

Contract Law

Real Estate Sales Contracts

Mortgage and Note

Deed of Trust

Lending Practices

The Loan and the Consumer

Sources of Financing

Types of Financing

Taxes and Assessments

Title Closing and Escrow

Real Estate Leases

Real Estate Appraisal

Licensing Laws and Professional Affiliation

The Principal-Broker Relationship: Employment

The Principal-Broker Relationship: Agency

Fair Housing, Ada, Equal Credit, and Community Reinvestment

Property Insurance

Land-Use Control

Real Estate and the Economy

Investing in Real Estate

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