Question 1

Under the right-to-use plan of timesharing, the purchaser is a tenant in common with other users of the unit.

Accepted Answer

A) True 
 B)False

Question 2

Compared to new construction, a condominium ____________________ is often simpler, faster, and more profitable to the developer.

Accepted Answer

The answer of Compared to new construction, a condominium ____________________...

Question 3

The term CC&Rs stands for

Accepted Answer

A)  covenants, condominiums and restrictions. 
B)  conditions, chattels and regulations. 
C)  commission, conditions and regulations. 
D)  covenants, conditions and restrictions. 
A)  covenants, condominiums and restrictions. 
B)  conditions, chattels and regulations. 
C)  commission, conditions and regulations. 
D)  covenants, conditions and restrictions.

Question 4

The rules by which an owner's association operates are known as

Accepted Answer

A)  bylaws. 
B)  covenants, conditions, and restrictions. 
C)  house rules. 
D)  ordinances. 
A)  bylaws. 
B)  covenants, conditions, and restrictions. 
C)  house rules. 
D)  ordinances.

Question 5

Choose the one most appropriate answer for each.
-regulations by which a condominium owner must abide

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

The governing body of a cooperative is called a

Accepted Answer

A)  cooperation. 
B)  board of directors. 
C)  cooperator. 
D)  cooperative commission. 
A)  cooperation. 
B)  board of directors. 
C)  cooperator. 
D)  cooperative commission.

Question 7

The condominium association dues typically pay for all common expenses but do not include reserves for replacement.

Accepted Answer

A) True 
 B)False

Question 8

Individual ownerships of separate portions of a building plus joint ownership of the common elements is characteristic of a

Accepted Answer

A)  condominium. 
B)  cooperative. 
C)  co-op. 
D)  PUD. 
A)  condominium. 
B)  cooperative. 
C)  co-op. 
D)  PUD.

Question 9

The rules that govern how an owner's association will be run are called ____________________.

Accepted Answer

The answer of The rules that govern how an owner's...

Question 10

Choose the one most appropriate answer for each.
-that portion of a condominium that is the exclusive property of an individual owner

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 11

A lease issued by a cooperative corporation to its shareholders is called a ____________________ lease.

Accepted Answer

The answer of A lease issued by a cooperative corporation...

Question 12

Choose the one most appropriate answer for each.
-a once-a-year business meeting of the entire association membership

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.
-form of community ownership where the houses and lots are privately owned but title to common areas is held by an owner's association

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

Choose the one most appropriate answer for each.
-the exclusive use of a property for a specified numbers of days each year

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 15

In a planned unit development, the owner's association can dictate interior and exterior colors, exterior landscaping, and use of common areas.

Accepted Answer

A) True 
 B)False

Question 16

Choose the one most appropriate answer for each.
-a contractual right to occupy a unit at a timeshare resort

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 17

In a condominium, which of the following would be limited common elements?

Accepted Answer

A)  Assigned parking spaces 
B)  Landscaped areas 
C)  Unit of the caretaker 
D)  Airspace in each unit 
A)  Assigned parking spaces 
B)  Landscaped areas 
C)  Unit of the caretaker 
D)  Airspace in each unit

Question 18

The plan for a condominium development that converts a single parcel of land into individual separate property estates and an estate composed of all common elements may be referred to as an enabling declaration or a master deed.

Accepted Answer

A) True 
 B)False

Question 19

Ownership of the interior space of your home and garage and an undivided interest in the building structures, common areas, and land area of the entire project describes a cooperative.

Accepted Answer

A) True 
 B)False

Question 20

Ownership by a corporation that in turn leases space to its shareholders best describes a cooperative.

Accepted Answer

A) True 
 B)False

Exam 22: Condominiums, Cooperatives, Puds, and Timeshares

Under the right-to-use plan of timesharing, the purchaser is a tenant in common with other users of the unit.

Compared to new construction, a condominium ____________________ is often simpler, faster, and more profitable to the developer.

The term CC&Rs stands for

The rules by which an owner's association operates are known as

Choose the one most appropriate answer for each. -regulations by which a condominium owner must abide

The governing body of a cooperative is called a

The condominium association dues typically pay for all common expenses but do not include reserves for replacement.

Individual ownerships of separate portions of a building plus joint ownership of the common elements is characteristic of a

The rules that govern how an owner's association will be run are called ____________________.

Choose the one most appropriate answer for each. -that portion of a condominium that is the exclusive property of an individual owner

A lease issued by a cooperative corporation to its shareholders is called a ____________________ lease.

Choose the one most appropriate answer for each. -a once-a-year business meeting of the entire association membership

Choose the one most appropriate answer for each. -form of community ownership where the houses and lots are privately owned but title to common areas is held by an owner's association

Choose the one most appropriate answer for each. -the exclusive use of a property for a specified numbers of days each year

In a planned unit development, the owner's association can dictate interior and exterior colors, exterior landscaping, and use of common areas.

Choose the one most appropriate answer for each. -a contractual right to occupy a unit at a timeshare resort

In a condominium, which of the following would be limited common elements?

The plan for a condominium development that converts a single parcel of land into individual separate property estates and an estate composed of all common elements may be referred to as an enabling declaration or a master deed.

Ownership of the interior space of your home and garage and an undivided interest in the building structures, common areas, and land area of the entire project describes a cooperative.

Ownership by a corporation that in turn leases space to its shareholders best describes a cooperative.

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

Filters