Question 1

____________________ 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 2

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.E) A) and C)
F) B) and C)

Question 3

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 4

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.E) A) and C)
F) None of the above

Question 5

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 elementsF) condominiumG) condominium actH) condominium subdivisionI) cooperativeJ) cooperatorK) house rulesL) maintenance feesM) management companyN) owner's associationO) proprietary leaseP) planned unit development (PU
D)  Q) reservesR) resort timeshareS) right-to-useT) separate propertyU) C) and O)
V) A) and I)

Question 6

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.E) A) and B)
F) None of the above

Question 7

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 elementsF) condominiumG) condominium actH) condominium subdivisionI) cooperativeJ) cooperatorK) house rulesL) maintenance feesM) management companyN) owner's associationO) proprietary leaseP) planned unit development (PU
D)  Q) reservesR) resort timeshareS) right-to-useT) separate propertyU) L) and M)
V) H) and J)

Question 8

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

Question 9

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

Accepted Answer

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

Question 10

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 11

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.E) C) and D)
F) None of the above

Question 12

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 13

Individual units in a condominium development are classed as

Accepted Answer

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

Question 14

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 apartmentE) A) and D)
F) C) and D)

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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.E) All of the above
F) A) and D)

Question 17

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 elementsF) condominiumG) condominium actH) condominium subdivisionI) cooperativeJ) cooperatorK) house rulesL) maintenance feesM) management companyN) owner's associationO) proprietary leaseP) planned unit development (PU
D)  Q) reservesR) resort timeshareS) right-to-useT) separate propertyU) F) and Q)
V) J) and P)

Question 18

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.E) B) and D)
F) B) and C)

Question 19

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 20

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'sE) None of the above
F) A) and B)

Exam 22: Condominiums, Cooperatives, Puds, and Timeshares

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.

Correct AnswerverifiedShow Answer

A condominium owner can obtain all of the following EXCEPT

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

In order to create a condominium development, a developer may

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Within a condominium development, common elements are owned by

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Individual units in a condominium development are classed as

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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