Q&A Hero

Question

a. annual meeting k. house rules
b. board of directors l. maintenance fees
c. bylaws m. management company
d. covenants, conditions, and restrictions (CC&Rs) n. owner's association
e. common elements o. proprietary lease
f. condominium p. planned unit development (PUD)
g. condominium act q. reserves
h. condominium subdivision r. resort timeshare
i. cooperative s. right-to-use
j. cooperator t. separate property
1> individual ownership of a space of air plus undivided ownership of the common elements
2> ownership by a corporation that in turn leases spaces to its shareholders
3> roofs, stairs, elevator, lobby, and so on, in a condominium
4> an organization composed of unit owners in which membership is automatic upon purchase of a unit
5> type of lease issued by a cooperative corporation to its shareholders
6> a document that coverts a parcel of land into a stratified subdivision; also called a master deed
7> rules that govern how the owner's association will be run
8> a shareholder in a cooperative apartment
9> charges levied against unit owners to cover the cost of maintaining the common areas; also called association dues
10> form of community ownership where the houses and lots are privately owned but title to common areas is held by an owner's association
11> state legislation that creates the legal framework for condominium subdivisions
12> that portion of a condominium that is the exclusive property of an individual owner
13> regulations by which a condominium owner must abide
14> rules for the use of the swimming pool and recreation facilities would be found here
15> a governing body elected by association members
16> a once-a-year business meeting of the entire association membership
17> advises the board of directors; takes care of day-to-day tasks
18> the exclusive use of a property for a specified numbers of days each year
19> a contractual right to occupy a unit at a timeshare resort
20> money set aside from the budget for expenses that do not occur every month