Real Estate chapter 1.9

Where would you expect to find a description of assessments? a) In the declaration b) In the property writ c) In the rules for appointments d) In the policy and procedures manual

a) In the declaration

Which of the following is NOT a legal business structure for an Association? a) Sole Proprietor b) Unincorporated Association c) Stock or non-stock corporation Partnership

a) Sole Proprietor

What is the legal limit to file a complaint regarding a time-share contract? a) Two years from the date of contract b) Two years from the date of offer c) One year from the date of the offer d) 18 months from the date of the offer

a) Two years from the date of contract

Under the Virginia Condominium Act a) all condo units are restricted to residential use ONLY. b) condo units are subject to collective real estate taxes. c) condo units can be put up for time-share use no more that 60% of the year. d) condo unit title must be held by a board of directors.

a) all condo units are restricted to residential use ONLY

Special meetings of the members of a cooperative can be called by the board of directors by giving notice a) at least ten days in advance. b) at least five days in advance. c) at least two weeks in advance. d) at least 72 hours in advance.

a) at least ten days in advance.

Association membership is determined by a) the stockholders of the cooperative corporation. b) investors. c) deeded title. d) the association board.

a) the stockholders of the cooperative corporation.

What action can the Association take for individuals who do not pay assessment fees? a) The Association can sue for breach of contract. b) The Association may put a lien on the cooperative interest of an individual for nonpayment of assessments. c) The Association can lock out an owner for nonpayment of assessments. d) The Association can seek damages in any local court.

b) The Association may put a lien on the cooperative interest of an individual for nonpayment of assessments.

A developer must file, with the Real Estate Board, a bond that covers what percent of the estimated cost of completion? a) 85% b) 90% c) 100% d) 95%

c) 100%

A declarant may do what? a)Expand or contract the condominium. b) Convert convertible land space without the consent of any unit owner. c) Both A and B d) Neither A nor B

c) Both A and B

What is the key feature of the Virginia Property Owners' Association Act? a) Each lot operates as a single and autonomous unit. b) Multiple lots cannot be owned by the same party. c) If any one lot in the development is subject to the provisions of the act, then every lot in the development is also subject. d) Common areas can be bought and sold regardless of the wishes of association members

c) If any one lot in the development is subject to the provisions of the act, then every lot in the development is also subject.

The initial purchaser of the condo has how many days to rescind the contract without reason or penalty? a) 3 b) 5 c) 8 d) 10

d) 10

Which of the following describes a cooperative owner? a) An individual who owns a unit in a multi-unit structure. b) A resident who purchased a single family structure and becomes a member of a home owners' association. c) An individual who buys the majority shares of more than one condo unit. d) A resident who purchases stock in a corporation and is allowed to occupy a unit in a building.

d) A resident who purchases stock in a corporation and is allowed to occupy a unit in a building.

What must be included with "declaration instruments" to the Virginia Real Estate Board, under the Virginia Condo Act? a) The name of the condo, which must include the word "condominium" b) A legal description of the property c) An exact description of each unit's boundaries d) All of the above

d) All of the above

Which of the following is not a duty of the Common Interest Community Association Liaison? a) Act as an information source to common interest communities. b) Determine associations that should be registered. c) Give non-binding interpretations of laws that affect common interest communities. d) Approve annual assessments for association members.

d) Approve annual assessments for association members.

How does a person acquire membership in an Association ? a) Majority vote of the Board of Directors b) Majority vote of the current members c) Paying an established membership fee d) Lot ownership

d) Lot ownership

Who serves as the executive body of the property owners' association? a) The holding company b) The developers c) The majority share holders d) The board of directors

d) The board of directors

Buyers may cancel a time-share purchase contract for seven calendar days after execution of the purchase contract a) or 10 days after the receipt of a current public offering statement. b) or the receipt of an option to buy statement. c) or the receipt of a down payment from funds drawn on an out-of-state bank. d) or receipt of a current public offering statement, whichever is later.

d) or receipt of a current public offering statement, whichever is later.

The Sunshine Association has approved the building of a new pool. How would that expense be distributed to community members? a) Real Estate Tax b) Special Assessment c) Fees Rebate d) Usage Fee Prepayment

b) Special Assessment

Any payments made by a time-share buyer prior to the cancellation must be refunded within a) 30 days after receipt of the notice of cancellation. b) 45 days after receipt of the notice of cancellation. c) 60 days after receipt of the notice of cancellation. d) 90 days after receipt of the notice of cancellation

b) 45 days after receipt of the notice of cancellation.

In time shares, buyers may cancel the purchase contract within how many calendar days after execution of the purchase contract or receipt of a current public offering statement, whichever is later, without penalty? a) 5 b) 7 c) 9 d) 14

b) 7

Which of the following statements best defines condominium ownership? a) A system of jointly owned units in a multi-unit structure b) A system of individually owned units in a multi-unit structure c) A system of collectively held units under one owner d) system of individually owned property titles on a shared property

b) A system of individually owned units in a multi-unit structure

What document defines a time-share project under the requirements of the Virginia Non-Stock Corporations Act? a) A time-share report of ownership b) A time-share project instrument c) A time-share boundary and structure permit d) A time-share request for occupancy

b) A time-share project instrument

Under the Virginia Property Owners' Association Act, who can levy fines for violation of rules and regulations? a) The State of Virginia b) Board of Directors c) The Rules Enforcement Committee d) Assigned Legal Council

b) Board of Directors

According to the Virginia Real Estate Cooperative Act, in a cooperative, who owns the title to the real estate? a) The underwriters b) The stockholders c) The corporation or association d) The residents

c) The corporation or association

How does a Condo owner hold title to a unit? a) By a bill of sale b) By a partnership agreement c) Through a fee simple ownership d) Through a community title agreement

c) Through a fee simple ownership

A meeting of the Association must be held a) monthly. b) bi-monthly c) at least annually. d) bi-annually.

c) at least annually.

A time share allows the holder to occupy a unit or any of several units during a) four or more separated time periods over a period of at least five years. b) five or more separated time periods over a period of at least three years. c) five or more separated time periods over a period of at least five years. d) a period not to exceed three years.

c) five or more separated time periods over a period of at least five years.