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22 Cards in this Set

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THE TERM CONDOMINIUM IS A LEGAL TERM MEANING JOINT ____AND JOINT_______.
DOMINION
OWNERSHIP
THE PARTS OF A PROPERTY WHICH ARE NECESSARY TO THE EXISTENCE, MAINTENANCE, AND SAFETY OF A CONDO ARE _____ELEMENTS
COMMON
THE _____DEED ESTABLISHES THE HORIZONTAL PROPERTY REGIME.
MASTER
WHAT DOES A MASTER DEED CONTAIN?
LAND DESCRIPTION, UNIT DESCRIPTION, COMMON ELEMENTS, UNIT VALUE,EXPENSES, REGIME NAME,OWNER RIGHTS AND OBLIGATIONS, FUTURE PLANS
CONDO BY-LAWS PROVIDE FOR INTERNAL OPERATION BY THE _____ASSOCIATION
OWNER'S
CONDO ADVANTAGES-PART 1
1.ALLOW MORE RESIDENTIAL OWNERS 2.INVESTORS ACQUIRE MORE SPACE AND AMENITIES 3. REDUCE UPKEEP RESPONSIBILITY 4.BETTER LOCATED PROPERTIES
CONDO ADVANTAGES- PART 2
5.PROPERTY TAXES AND INTEREST
6.APPRECIATION OF UNIT VALUE
7.PROTECTED AGAINST RENT INCREASES
8.AFFORDABLE RECREATIONAL FACILITIES
CONDO ADVANTAGES-PART 3
9.SOCIAL CONTACTS
10.CHILD CARE OFTEN AVAILABLE
11.SECURITY SYSTEMS
DISADVANTAGES OF CONDOS
1.LIMITS FREEDOM TO CONTROL THE ENVIRONMENT 2. APPROVAL FOR ARCHITECTURAL CHANGES 3.PETS. 4.MEETINGS.5.MAJOR UPKEEP EXPENDITURES
A______IS AN APARTMENT OR DWELLING UNIT IN WHICH THE TENANT BUYS SHARE OF STOCK IN THE CORPORATION THAT HOLDS TITLE TO THE WHOLE BLDG
COOPERATIVES (CO-OP)
A COOP OWNER IS A TENANT__ ___ SINCE THE PROPRIETARY LEASE DOESN'T EXTEND TO A SET PERIOD OF TIME
TENANT AT WILL
TRUE OR FALSE: IN A CO-OP, THE COOPERATOR OWNS THE BUILDING
FALSE: THE CORPORATION OWNS THE BLDG, THE COOPERATIVE OWNS A PROPRIETARY LEASE AND PART OF THE CORPORATION
PROBLEMS WITH CONDOMINIUMS ARE????
PART 1
INADEQUATE DISCLOSURE,RECREATION LEASE RESTRICTION, USE OF MONIES,MANAGEMENT CONTRACTS,
PROBLEMS WITH CONDOMINIUMS ARE?
PART 2
CONSTRUCTION QUALITY, PROJECT CONTROL, WARRANTIES, PROMO MATERIALS, TENANT DISPLACEMENT
A_____IS A GROUP OF PEOPLE ,CREATED BY LAW,HAVING A CONTINUOUS EXISTENCE INDEPENDENT ON ITS MEMBERS
CORPORATION
A REAL ESTATE INVESTMENT TRUST IS POPULAR BECAUSE IT IS ___EXEMPT
TAX
RULES FOR REAL ESTATE INVESTMENT TRUSTS
TRANSFERABLE SHARES, 100 OR MORE INVESTORS,5 OR LESS PEOPLE CAN'T OWN OVER 50%,REAL ESTATE INCOME TO TRUST MUST BE MINIMUM 75%, MIN OF 95% NET INCOME GO TO INVESTORS
A ____PARTNER IS A CO-OWNER AUTHORIZED TO ENTER INTO CONTACTS ON BEHALF OF THE PARTNERSHIP
GENERAL
TRUE OR FALSE:
A GENERAL PARTNER IS LIABLE FOR DEBTS OF THE PARTNERSHIP
TRUE
A LIMITED PARTNERSHIP CONTAINS ONE OR MORE GENERAL PARTNERS AND ONE OR MORE_____PARTNERS
LIMITED
THE SC ______PROPERTY ACT OF 1967 MADE CONDO OWNERSHIP POSSIBLE
HORIZONTAL
A COOPERATIVE OWNER RECEIVES OWNERSHIP BY ____ _____
STOCK CERTIFICATE