Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
5 Cards in this Set
- Front
- Back
|
Condominiums
|
- ***Created by recording Declaration of condominium.
- Individual ownership of a residential unit. - Undivided ownership share of common elements. - Association membership is required. - Ownership exclusive to members. - Developer pays $20 per unit fee to Division. - All condominium Associations pay $4 per unit annual fee, due January 1 to the Division. Late March 1st with 10% penalty. |
|
|
Cooperatives
|
- *** Created by filing the Articles of Incorporation.
- Statutes nearly identical to Condo statutes. - Corp owns all the property. - Unit owners have exclusive right of possession in unit as evidenced by proprietary lease. - Association membership is required. - Developer pays $20 per unit fee to Division. - All Coop Assoc pay $4 per unit annual fee, due Jan 1 to Division. Late March 1st with 10% penalty. |
|
|
Homeowners Association
|
- *** Created by recording (DCCR) Declaration of Covenants, Conditions and Restrictions.
- *** Governing documents - Declaration, Articles of Incorporation, Bylaws and Rules and Regulations. - Mandatory membership in Association. - Association can levy assessments. - Non-payment of assessments may result in a lien. |
|
|
Vacation and Timeshare Plans
|
- ***Created by Divisions approval of "required public offering statement" and developers payment of $2 per seven-day timeshare unit fee.
- Governing document is Public Offering Statement. - Any arrangement other than an exchange program. - Purchasers receive ownership rights in or a right to use accommodations for a period of time less than a year during any given year. - Property rights usually include use, exchange, rental and sale; time period can be fixed for every year, float for year to year, or flexible on a first-come basis. ***Must meet provision of both condo statutes and cooperative statutes; HOWEVER, if there is a conflict between these statutes and timeshare statutes, timeshare act will prevail. - *** All timeshare plans MUST have a licensed management entity; the entity must employ at least one CAM (for every non-contiguous parcel no matter how many units). |
|
|
Mobile Homes
|
** $4 per unit per year DUE October 1, late December 31.
- When mandatory membership, assessment of fees for common expenses, and lien for non-payment of assessment exists, the Mobile Home Park is subject to: Condo Act Coop Act Homeowners Assoc Act Timeshare Act As specified in governing documents. |
