Question 1

Choose the one most appropriate answer for each.
-roofs, stairs, elevator, lobby, and so on, in a condominium

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 2

Choose the one most appropriate answer for each.
-charges levied against unit owners to cover the cost of maintaining the common areas;also called association dues

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 3

If a condominium unit owner defaults on his mortgage, what effect will this default have on the other unit owners in the same condominium project?

Accepted Answer

A)  It will create a lien on the other units as well. 
B)  They must make his payments to protect themselves. 
C)  It will create a lien on his condominium unit. 
D)  They will be foreclosed. 
A)  It will create a lien on the other units as well. 
B)  They must make his payments to protect themselves. 
C)  It will create a lien on his condominium unit. 
D)  They will be foreclosed.

Question 4

Choose the one most appropriate answer for each.
-state legislation that creates the legal framework for condominium subdivisions

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 5

Restrictions on the type and color of drapes, that are visible to the outside, which a condominium owner can use in his unit, would be found in the

Accepted Answer

A)  master deed. 
B)  CC&Rs. 
C)  bylaws. 
D)  house rules. 
A)  master deed. 
B)  CC&Rs. 
C)  bylaws. 
D)  house rules.

Question 6

A common element where the use is restricted to a specific unit owner is called a ____________________ common element.

Accepted Answer

The answer of A common element where the use is...

Question 7

Under the right-to-use plan of timesharing, the purchaser holds title to real property.

Accepted Answer

A) True 
 B)False

Question 8

Each of the following ownerships combines common ownership and exclusive possession of a dwelling unit. All require dues to support the common elements. Which one allows separate, individual ownership of a dwelling and a lot?

Accepted Answer

A)  Timeshare unit 
B)  Condominium 
C)  Cooperative apartment 
D)  Planned unit development 
A)  Timeshare unit 
B)  Condominium 
C)  Cooperative apartment 
D)  Planned unit development

Question 9

The purchaser of a condominium unit is obligated to abide by the development's

Accepted Answer

A)  covenants, conditions, and restrictions. 
B)  house rules. 
C)  both a and b. 
D)  neither a nor b. 
A)  covenants, conditions, and restrictions. 
B)  house rules. 
C)  both a and b. 
D)  neither a nor b.

Question 10

Condominiums developments are restricted to

Accepted Answer

A)  residential dwelling units. 
B)  multiple-unit buildings. 
C)  both a and b. 
D)  neither a nor b. 
A)  residential dwelling units. 
B)  multiple-unit buildings. 
C)  both a and b. 
D)  neither a nor b.

Question 11

A condominium rules declaration may be changed by

Accepted Answer

A)  whatever is stated in the rules declaration. 
B)  at least 50% of the owner-occupied units. 
C)  the condominium owner's association. 
D)  approval of the majority of the condominium unit owners. 
A)  whatever is stated in the rules declaration. 
B)  at least 50% of the owner-occupied units. 
C)  the condominium owner's association. 
D)  approval of the majority of the condominium unit owners.

Question 12

In a condominium, the legal framework for the unit owners to govern themselves is called an owner's association and each unit purchaser automatically becomes a member.

Accepted Answer

A) True 
 B)False

Question 13

A corporation that owns or leases the land and building and, in turn, leases space to its shareholders is characteristic of a

Accepted Answer

A)  condominium. 
B)  cooperative. 
C)  joint venture. 
D)  time share. 
A)  condominium. 
B)  cooperative. 
C)  joint venture. 
D)  time share.

Question 14

In a planned unit development, a developer would be likely to dedicate to the public all of the following EXCEPT

Accepted Answer

A)  streets. 
B)  roads. 
C)  parks. 
D)  common elements. 
A)  streets. 
B)  roads. 
C)  parks. 
D)  common elements.

Question 15

Money set aside from the budget for expenses that do not occur every month is called reserves.

Accepted Answer

A) True 
 B)False

Question 16

The owners of a unit in a planned unit development hold title to the air above the unit and the land beneath the unit.

Accepted Answer

A) True 
 B)False

Question 17

If a condominium owner fails to pay his portion of maintenance fees, the response of the owners' association will be to

Accepted Answer

A)  evict him. 
B)  place a lien against his unit. 
C)  foreclose. 
D)  report him to the local authorities. 
A)  evict him. 
B)  place a lien against his unit. 
C)  foreclose. 
D)  report him to the local authorities.

Question 18

Choose the one most appropriate answer for each.
-advises the board of directors;takes care of day-to-day tasks

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 19

The sale of timeshares is regulated in about 25 states by state legislation.

Accepted Answer

A) True 
 B)False

Question 20

Regarding ownership of condominiums,

Accepted Answer

A)  owners hold fee simple title to airspace within their units. 
B)  owners register with the Federal Securities and Exchange Commission. 
C)  purchasers own the airspace above their units. 
D)  there is the right of survivorship. 
A)  owners hold fee simple title to airspace within their units. 
B)  owners register with the Federal Securities and Exchange Commission. 
C)  purchasers own the airspace above their units. 
D)  there is the right of survivorship.

Exam 22: Condominiums, Cooperatives, Puds, and Timeshares

Choose the one most appropriate answer for each. -roofs, stairs, elevator, lobby, and so on, in a condominium

Choose the one most appropriate answer for each. -charges levied against unit owners to cover the cost of maintaining the common areas;also called association dues

If a condominium unit owner defaults on his mortgage, what effect will this default have on the other unit owners in the same condominium project?

Choose the one most appropriate answer for each. -state legislation that creates the legal framework for condominium subdivisions

Restrictions on the type and color of drapes, that are visible to the outside, which a condominium owner can use in his unit, would be found in the

A common element where the use is restricted to a specific unit owner is called a ____________________ common element.

Under the right-to-use plan of timesharing, the purchaser holds title to real property.

Each of the following ownerships combines common ownership and exclusive possession of a dwelling unit. All require dues to support the common elements. Which one allows separate, individual ownership of a dwelling and a lot?

The purchaser of a condominium unit is obligated to abide by the development's

Condominiums developments are restricted to

A condominium rules declaration may be changed by

In a condominium, the legal framework for the unit owners to govern themselves is called an owner's association and each unit purchaser automatically becomes a member.

A corporation that owns or leases the land and building and, in turn, leases space to its shareholders is characteristic of a

In a planned unit development, a developer would be likely to dedicate to the public all of the following EXCEPT

Money set aside from the budget for expenses that do not occur every month is called reserves.

The owners of a unit in a planned unit development hold title to the air above the unit and the land beneath the unit.

If a condominium owner fails to pay his portion of maintenance fees, the response of the owners' association will be to

Choose the one most appropriate answer for each. -advises the board of directors;takes care of day-to-day tasks

The sale of timeshares is regulated in about 25 states by state legislation.

Regarding ownership of condominiums,

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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