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