Part 2 Quiz: Condominium Ownership
Which of the following do the owners of condos & co-ops NOT have in common? a: title to their individual units b: association bylaws c: ownership d: tax deductions
a: title to their individual units
The main difference between condominiums & cooperatives is that: a: the co-op owner obtains a fee simple title to the unit b: condo owners have title to their individual units c: condo owners receive a proprietary lease d: the co-op owner pays his own property taxes & insurance on his unit
b: condo owners have title to their individual units
When managing a condo project, which duty would the manager most likely perform in conjunction with the Association? a: supervising maintenance inside individual units b: maintaining the common elements & making sure the bylaws are upheld c: collection of security deposits d: serving eviction notices on those who fail to pay the Association fee
b: maintaining the common elements & making sure the bylaws are upheld
What advantage does condo ownership have over a co-op? a: it is highly desirable because of its unique location b: it involves stock ownership, which is easier to sell by a stock broker c: it is fee simple ownership with individual deeds d: it generally costs less to own because of the reduced association fees involved
c: it is fee simple ownership with individual deeds
Which of the following would unlikely adopt the concept of condos? a: offices b: town houses c: an apartment building d: a co-op housing project
d: a co-op housing project
A concept of ownership reflected in leasing units after purchasing stock in a corporation that owns a multi-unit complex is known as: a: condo b: shared ownership c: real estate stock ownership d: co-operative
d: co-operative
In a condo complex, all of the following are considered common elements except: a: the structural portions of the unit b: the pool c: the parking lot & yard d: furniture
d: furniture
A condo owner wants to make changes to the exterior of his unit, he must: a: make sure that the association approves the changes after construction is completed b: receive approval of the association prior to making changes c: be sure the quality of construction is up to city code d: be sure that colors used match the other units
b: receive approval of the association prior to making changes
Ownership of stock in an apartment building accompanied by a proprietary lease indicates which of the following ownership concepts: a: bundle of rights b: condo c: co-op d: time share
c: co-op
Owners of condos: a: may deduct homeowners insurance & interest paid for income tax purposes but not property taxes b: are liable for a default in the mortgage of another condo owner c: have individual deeds to their unit d: must sell their stock ownership when selling their units
c: have individual deeds to their unit
