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10 Cards in this Set
- Front
- Back
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In condo ownership what are COMMON ELEMENTS? |
Portions of multi-unit structure owned by as tenents in common EX: club house, swimming pool, yards |
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In condo ownership-What are LIMITED COMMON ELEMENTS? |
Elements shared by a number of co-owners only |
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In condo ownership-What is OWNERSHIP OF CONDOMONIUMS? |
Each condo is owned as a separate parcel Owned in FEE SIMPLE |
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In condo ownership-What are TYPES AND FORM OF CONDOMINIUMS? |
Offices in an office building. Apartment buidings including high-rises. Townhouses Shoppong centers Warehouses Home sites |
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What is Condominium Association and what does it do? |
Consists of owners. Operates development according to BYLAWS. Governed by BOARD OF DIRECTORS. Responsible for maintenance, cleaning. etc. Maintains insurance for common areas and structural portion of property |
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What is a CONDOMINIUM FEE? |
ASSOCIATION FEE. Expense assessed to all to operate condo association. Maintenance and insurance of common elements. Not tax deductible if primary residence |
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What is TIME-SHARED OWNERSHIP? |
Mutiple owners buy weeks. Each owner can use it for a certain period through the year. Maintenance and other expensed prorated |
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What is the HORIZONTAL PROPERTY ACT? |
The condominium Act The Strata Act Developers of newly constructed units furnish each buyer with plain talk disclosure. Purchase not binding until 9 business days after disclosure |
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How do you create a condominium? |
Plat map identifying the units. Legal description of the land. List of value of land and each unit. Percentage of common areas. Bylaws and details re: condo association |
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What is a COOPERATIVE? |
Land and improvements owned by corporation. Leaseholders own stock in corporation. Stock is personal property not real estate. Shareholders called COOPERATORS. Leaseholders control cooperative through stock ownership |
