Question 1

Choose the one most appropriate answer for each.
-type of lease issued by a cooperative corporation 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 2

Those parts of a condominium that are owned by all the unit owners are called ____________________ elements.

Accepted Answer

The answer of Those parts of a condominium that are...

Question 3

A condominium owner can obtain all of the following EXCEPT

Accepted Answer

A)  severalty ownership of his share of the common elements. 
B)  title insurance on his nit. 
C)  a separate mortgage. 
D)  joint tenancy ownership of his unit. 
A)  severalty ownership of his share of the common elements. 
B)  title insurance on his nit. 
C)  a separate mortgage. 
D)  joint tenancy ownership of his unit.

Question 4

Choose the one most appropriate answer for each.
-rules for the use of the swimming pool and recreation facilities would be found here

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

Traditionally, the resale of cooperative shares has been financed by means of second mortgages on the seller's unit.

Accepted Answer

A) True 
 B)False

Question 6

The guest of a unit owner was injured by stepping on broken glass in the swimming pool at a condominium. Liability for this injury would probably initially fall upon the developers.

Accepted Answer

A) True 
 B)False

Question 7

Ownership of the common elements by an owners' association is typical of which kind of development?

Accepted Answer

A)  Condominium 
B)  Planned unit development 
C)  Cooperatives 
D)  REIT's 
A)  Condominium 
B)  Planned unit development 
C)  Cooperatives 
D)  REIT's

Question 8

The market value of each unit in a condominium reflects not only the value of the unit itself, but also the value of the ____________________ ownership in the common elements that accompany the unit.

Accepted Answer

The answer of The market value of each unit in...

Question 9

Individual units in a condominium development are classed as

Accepted Answer

A)  separate property. 
B)  common elements. 
C)  cooperative elements. 
D)  limited common elements. 
A)  separate property. 
B)  common elements. 
C)  cooperative elements. 
D)  limited common elements.

Question 10

In a condominium, the authority to raise homeowner fees (association dues)rests with the management company.

Accepted Answer

A) True 
 B)False

Question 11

The sale of a timeshare is regulated in a growing number of states. These regulations typically include requiring that

Accepted Answer

A)  a timeshare developer and his staff must have a broker's license. 
B)  there is a "cooling off" period before sales are final. 
C)  timeshares to be conveyed by deed. 
D)  developers purchase a bond to insure against a loss in exchange privileges. 
A)  a timeshare developer and his staff must have a broker's license. 
B)  there is a "cooling off" period before sales are final. 
C)  timeshares to be conveyed by deed. 
D)  developers purchase a bond to insure against a loss in exchange privileges.

Question 12

____________________ timesharing is a method of dividing up and selling a living unit at a vacation facility for specified lengths of time each year.

Accepted Answer

The answer of ____________________ timesharing is a method of dividing...

Question 13

Which of the following would be classified as limited common elements in a condominium development?

Accepted Answer

A)  Elevators 
B)  Hallways 
C)  Assigned parking spaces 
D)  The manager's apartment 
A)  Elevators 
B)  Hallways 
C)  Assigned parking spaces 
D)  The manager's apartment

Question 14

Choose the one most appropriate answer for each.
-an organization composed of unit owners in which membership is automatic upon purchase of a unit

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 order to create a condominium development, a developer may

Accepted Answer

A)  construct a new building. 
B)  convert an existing building. 
C)  both a and b. 
D)  neither a nor b. 
A)  construct a new building. 
B)  convert an existing building. 
C)  both a and b. 
D)  neither a nor b.

Question 16

The maintenance fees for a condominium project are also called ____________________ dues.

Accepted Answer

The answer of The maintenance fees for a condominium project...

Question 17

Within a condominium development, common elements are owned by

Accepted Answer

A)  the owner's association. 
B)  all unit owners, who hold undivided interests in the elements. 
C)  the condominium developer. 
D)  individual unit owners as community property. 
A)  the owner's association. 
B)  all unit owners, who hold undivided interests in the elements. 
C)  the condominium developer. 
D)  individual unit owners as community property.

Question 18

Rules governing how a condominium owners' association will be run 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 19

One of the advantages of condominium ownership versus cooperative ownership is that

Accepted Answer

A)  condominium ownership has no common ownership. 
B)  cooperative ownership is free from periodic dues from members. 
C)  cooperative ownership is usually corporate owned and sells stock through the secondary money market. 
D)  condominium units can be individually mortgaged. 
A)  condominium ownership has no common ownership. 
B)  cooperative ownership is free from periodic dues from members. 
C)  cooperative ownership is usually corporate owned and sells stock through the secondary money market. 
D)  condominium units can be individually mortgaged.

Question 20

The purchaser of a condominium unit surrenders some personal freedoms to community rule but exchanges freedom of choice for freedom from responsibility.

Accepted Answer

A) True 
 B)False

Exam 22: Condominiums, Cooperatives, Puds, and Timeshares

Choose the one most appropriate answer for each. -type of lease issued by a cooperative corporation to its shareholders

Those parts of a condominium that are owned by all the unit owners are called ____________________ elements.

A condominium owner can obtain all of the following EXCEPT

Choose the one most appropriate answer for each. -rules for the use of the swimming pool and recreation facilities would be found here

Traditionally, the resale of cooperative shares has been financed by means of second mortgages on the seller's unit.

The guest of a unit owner was injured by stepping on broken glass in the swimming pool at a condominium. Liability for this injury would probably initially fall upon the developers.

Ownership of the common elements by an owners' association is typical of which kind of development?

The market value of each unit in a condominium reflects not only the value of the unit itself, but also the value of the ____________________ ownership in the common elements that accompany the unit.

Individual units in a condominium development are classed as

In a condominium, the authority to raise homeowner fees (association dues)rests with the management company.

The sale of a timeshare is regulated in a growing number of states. These regulations typically include requiring that

____________________ timesharing is a method of dividing up and selling a living unit at a vacation facility for specified lengths of time each year.

Which of the following would be classified as limited common elements in a condominium development?

Choose the one most appropriate answer for each. -an organization composed of unit owners in which membership is automatic upon purchase of a unit

In order to create a condominium development, a developer may

The maintenance fees for a condominium project are also called ____________________ dues.

Within a condominium development, common elements are owned by

Rules governing how a condominium owners' association will be run would be found in the

One of the advantages of condominium ownership versus cooperative ownership is that

The purchaser of a condominium unit surrenders some personal freedoms to community rule but exchanges freedom of choice for freedom from responsibility.

Nature and Description of Real Estate

Rights and Interests in Land

Forms of Ownership

Transferring Title

Recordation Abstracts and Title Insurance

Contract Law

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Mortgage and Note

Deed of Trust

Lending Practices

The Loan and the Consumer

Sources of Financing

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Taxes and Assessments

Title Closing and Escrow

Real Estate Leases

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Licensing Laws and Professional Affiliation

The Principal-Broker Relationship: Employment

The Principal-Broker Relationship: Agency

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Real Estate and the Economy

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