Q&A Hero

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

Q: Compared to new construction, a condominium ____________________ is often simpler, faster, and more profitable to the developer.

Q: 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.

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

Q: The regulations by which anyone purchasing a unit in the condominium must abide are known as ____________________, conditions, and Restrictions.

Q: An example of a limited common element could be an assigned ____________________ stall.

Q: A common element where the use is restricted to a specific unit owner is called a ____________________ common element.

Q: A lease issued by a cooperative corporation to its shareholders is called a ____________________ lease.

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

Q: The rules that govern how an owner's association will be run are called ____________________.

Q: Money set aside from the budget for expenses that do not occur every month is called reserves.

Q: Ownership by a corporation that in turn leases space to its shareholders best describes a cooperative.

Q: The concept of timesharing started in the U. S. and is limited to use in this country.

Q: The condominium association dues typically pay for all common expenses but do not include reserves for replacement.

Q: In a condominium, the legal framework for the unit owners to govern themselves is called an owner's association and each unit purchaser automatically becomes a member.

Q: All states have passed condominium laws that are variously known as a state's horizontal property act, strata titles act, or condominium act.

Q: Those parts of a condominium that are owned by all the unit owners are known as common elements.

Q: The sale of timeshares is regulated in about 25 states by state legislation.

Q: Under the right-to-use plan of timesharing, the purchaser is a tenant in common with other users of the unit.

Q: Under the right-to-use plan of timesharing, the purchaser holds title to real property.

Q: Of the two principal forms of timeshare formats, the largest percent of the market is comprised of the right-to-use format.

Q: In a planned unit development, the owner's association can dictate interior and exterior colors, exterior landscaping, and use of common areas.

Q: The owners of a unit in a planned unit development hold title to the air above the unit and the land beneath the unit.

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

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

Q: Ownership of the interior space of your home and garage and an undivided interest in the building structures, common areas, and land area of the entire project describes a cooperative.

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

Q: 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.

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

Q: The plan for a condominium development that converts a single parcel of land into individual separate property estates and an estate composed of all common elements may be referred to as an enabling declaration or a master deed.

Q: The purchaser of a condominium unit is obligated to abide by the development's a. covenants, conditions, and restrictions. b. house rules. c. both a and b. d. neither a nor b.

Q: The rules by which an owner's association operates are known as a. bylaws. b. covenants, conditions, and restrictions. c. house rules. d. ordinances.

Q: Which of the following would be classified as limited common elements in a condominium development? a. Elevators b. Hallways c. Assigned parking spaces d. The manager's apartment

Q: Within a condominium development, common elements are owned by 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.

Q: In order to create a condominium development, a developer may a. construct a new building. b. convert an existing building. c. both a and b. d. neither a nor b.

Q: Individual units in a condominium development are classed as a. separate property. b. common elements. c. cooperative elements. d. limited common elements.

Q: Condominiums developments are restricted to a. residential dwelling units. b. multiple-unit buildings. c. both a and b. d. neither a nor b.

Q: State laws that provide the legal framework for condominium ownership may be identified by any of the following terms EXCEPT a. strata titles act. b. cooperative housing act. c. condominium act. d. horizontal property act.

Q: A timeshare offering typically includes a. no guarantee that the resort rental will be available for a long period such as 20 to 40 years. b. a long-term lease allowing use for one week each year with the rent paid in advance. c. a cooperative corporation selling shares of stock and proprietary leaseholds. d. a qualified fee estate for one or more weeks per year conveyed by deed.

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

Q: The purchaser of a timeshare week who wants to receive a deed to that specific week would buy a a. leasehold timeshare. b. right-to-use timeshare. c. fee simple timeshare. d. model timeshare.

Q: In a planned unit development, a developer would be likely to dedicate to the public all of the following EXCEPT a. streets. b. roads. c. parks. d. common elements.

Q: Ownership of the common elements by an owners' association is typical of which kind of development? a. Condominium b. Planned unit development c. Cooperatives d. REIT's

Q: One of the advantages of condominium ownership versus cooperative ownership is that 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.

Q: The governing body of a cooperative is called a a. cooperation. b. board of directors. c. cooperator. d. cooperative commission.

Q: If you are an owner of a unit in a co-op apartment, your interest would be a. a tenancy at will. b. a proprietary lease. c. fee simple. d. a stock-option.

Q: A corporation that owns or leases the land and building and, in turn, leases space to its shareholders is characteristic of a a. condominium. b. cooperative. c. joint venture. d. time share.

Q: Rules governing how a condominium owners' association will be run would be found in the a. master deed. b. CC&Rs. c. bylaws. d. house rules.

Q: 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 a. master deed. b. CC&Rs. c. bylaws. d. house rules.

Q: The term CC&Rs stands for a. covenants, condominiums and restrictions. b. conditions, chattels and regulations. c. commission, conditions and regulations. d. covenants, conditions and restrictions.

Q: 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 a. deeds to owners' units. b. fire insurance carrier. c. bylaws. d. restriction against rental of units.

Q: In a condominium, which of the following would be limited common elements? a. Assigned parking spaces b. Landscaped areas c. Unit of the caretaker d. Airspace in each unit

Q: Individual ownerships of separate portions of a building plus joint ownership of the common elements is characteristic of a a. condominium. b. cooperative. c. co-op. d. PUD.

Q: Individual units in a condominium development are classed as a. real property. b. common elements. c. cooperative elements. d. personal property.

Q: A condominium owner can obtain all of the following EXCEPT 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.

Q: Regarding ownership of condominiums, a. owners hold fee simple title to airspace within their units. b. owners register with the Federal Securities and Exchange Commission. c. purchasers own the airspace above their units. d. there is the right of survivorship.

Q: A condominium rules declaration may be changed by a. whatever is stated in the rules declaration. b. at least 50% of the owner-occupied units. c. the condominium owner's association. d. approval of the majority of the condominium unit owners.

Q: 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? a. Timeshare unit b. Condominium c. Cooperative apartment d. Planned unit development

Q: 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? a. It will create a lien on the other units as well. b. They must make his payments to protect themselves. c. It will create a lien on his condominium unit. d. They will be foreclosed.

Q: If a condominium owner fails to pay his portion of maintenance fees, the response of the owners' association will be to a. evict him. b. place a lien against his unit. c. foreclose. d. report him to the local authorities.

Q: The 1968 Fair Housing Law provides protection against certain acts if they discriminate against one or more of the____________________ classes.

Q: The 1968 Fair Housing Law provides protection against discrimination for refusing to sell or rent to deal, or ____________________ with any person.

Q: The penalties for violation of federal fair housing laws include fines of not more than ____________________.

Q: The ____________________ Amendment prohibits any state from depriving a person of life, liberty, or property without due process of law and prohibits any state from denying any person within its jurisdiction the equal protection of the laws.

Q: A situation where one or more individuals under the age of 18 are domiciled with a parent or other person having custody is described as ____________________ status.

Q: The act of directing any group away from or to an integrated or minority neighborhood is called ____________________.

Q: An individual posing as a potential purchaser to determine whether discrimination exists in a real estate transaction is known as a ____________________.

Q: Blockbusting is the illegal practice of inducing ____________________ selling in a neighborhood for financial gain.

Q: The Americans with Disabilities Act is a federal law giving individuals the right of access to ____________________ facilities open to the public.

Q: A protected class is a class of people that by law are protected from ____________________.

Q: The term handicapped refers to having a physical or mental impairment that substantially limits one or more life activities, or having a record of such impairments.

Q: Violations of fair housing laws may involve fines up to $100,000 in addition to civil damages, potential injunctions, reasonable attorney's fees and costs.

Q: In evaluating a loan application, part-time income cannot be discounted on the basis of its source.

Q: A minority is always described as a member of the smallest group of people.

Q: The Community Reinvestment Act sets dollar amounts that lenders must set aside for lending in their community.

Q: A creditor may not consider an applicant's immigration status and whether he or she is a permanent resident of the United States.

Q: The Equal Credit Opportunity Act was originally passed to provide for equal credit for borrowers by making it unlawful to discriminate against an applicant for credit based on sex or marital status.

Q: The Americans with Disabilities Act (ADA) applies only to residential properties.

Q: The 1968 Fair Housing Law does not apply to an individual renting his only house without using a broker.

Q: The federal Fair Housing Law is officially known a Title VIII of the Civil Rights Act of 1968, as amended.