Question 1

The governing body of a cooperative is called a

Accepted Answer

The governing body of a cooperative is called a board of directors.

Question 2

In a planned unit development, a developer would be likely to dedicate to the public all of the following EXCEPT

Accepted Answer

In a planned unit development, a developer would not be likely to dedicate common elements to the public.

Question 3

The purchaser of a timeshare week who wants to receive a deed to that specific week would buy a

Accepted Answer

The purchaser of a timeshare week who wants to receive a deed to that specific week would buy a fee simple timeshare.

Question 4

Individual ownerships of separate portions of a building plus joint ownership of the common elements is characteristic of a

Accepted Answer

Individual ownership of separate portions of a building plus joint ownership of the common elements is characteristic of a condominium.

Question 5

The term CC&Rs stands for

Accepted Answer

The term CC&Rs stands for covenants, conditions and restrictions.

Question 6

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

Accepted Answer

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

Question 7

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

Accepted Answer

Ownership of the common elements by an owners' association is typical of a planned unit development.

Question 8

The owners' association of a condominium meets yearly and makes such changes in the operation of the common elements as is deemed best for all owners. It can change or amend all of the following EXCEPT

Accepted Answer

The owners' association of a condominium cannot change or amend deeds to owners' units.

Question 9

A condominium owner can obtain all of the following EXCEPT

Accepted Answer

A condominium owner cannot obtain severalty ownership of his share of the common elements.

Question 10

Individual units in a condominium development are classed as

Accepted Answer

Individual units in a condominium development are classed as real property.

Question 11

If a condominium owner fails to pay his portion of maintenance fees, the response of the owners' association will be to

Accepted Answer

If a condominium owner fails to pay his portion of maintenance fees, the owners' association will place a lien against his unit.

Question 12

A condominium rules declaration may be changed by

Accepted Answer

A condominium rules declaration may be changed by whatever is stated in the rules declaration.

Question 13

Regarding ownership of condominiums,

Accepted Answer

Regarding ownership of condominiums, owners hold fee simple title to airspace within their units.

Question 14

A corporation that owns or leases the land and building and, in turn, leases space to its shareholders is characteristic of a

Accepted Answer

A corporation that owns or leases the land and building and, in turn, leases space to its shareholders is characteristic of a cooperative.

Question 15

If you are an owner of a unit in a co-op apartment, your interest would be

Accepted Answer

An ownership interest in a co-op apartment would be a proprietary lease.

Question 16

In a condominium, which of the following would be limited common elements?

Accepted Answer

In a condominium, assigned parking spaces would be limited common elements.

Question 17

Restrictions on the type and color of drapes, that are visible to the outside, which a condominium owner can use in his unit, would be found in the

Accepted Answer

Restrictions on the type and color of drapes, that are visible to the outside, which a condominium owner can use in his unit, would be found in the CC&Rs.

Question 18

If a condominium unit owner defaults on his mortgage, what effect will this default have on the other unit owners in the same condominium project?

Accepted Answer

If a condominium unit owner defaults on his mortgage, it will create a lien on his condominium unit.

Question 19

Each of the following ownerships combines common ownership and exclusive possession of a dwelling unit. All require dues to support the common elements. Which one allows separate, individual ownership of a dwelling and a lot?

Accepted Answer

Planned unit developments allow separate, individual ownership of a dwelling and a lot.

Question 20

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

Accepted Answer

One of the advantages of condominium ownership versus cooperative ownership is that condominium units can be individually mortgaged.

Quiz 22: Condominiums, Cooperatives, Puds, and Timeshares