Real Estate
Name two things that are distinguishing characteristics of townhome living.
1. The dwelling is an attached residential building. 2. The owner owns both the structure and the land. (Townhomes are distinguishable from other types of housing by the fact that owners own an attached residential building, and the land it sits on.)
Lance purchased a home, but he won't own any real estate—just shares in a corporation. This is because his new home is ______.
A cooperative
The local planning and zoning commission is reviewing multiple applications at this week's meeting. Which of the following new developments is likely to be reviewed relative to a mixed-use zoning ordinance?
A high rise with residential, retail, and entertainment space
T/F: Buyers of vacation timeshares aren't allowed to rent, give, or sell their time to others.
False
T/F: People who live in a co-op own the real estate.
False
Unlike other forms of owned real estate, timeshare estates cannot be sold or passed down to heirs.
False
Sima purchased a cooperative. When the sale goes through, what will she own?
Shares in a corporation
Shira bought a condominium in a planned unit development. The development has a small playground, tennis and basketball courts, and a putting green. Who owns these recreational facilities?
The condo owners (A condo owned inside a PUD is similar to a condo owned outside a PUD. All common areas are jointly owned and maintained by the condo owners or the HOA.)
The owner owns both the structure and the land.
Townhomes/ Townhouses
T/F: Although commercial properties might be part of the PUD, ownership in a PUD isn't about investing in commercial ventures.
True
T/F: Fee simple ownership for a vacation timeshare works in the same way as other types of real estate: Ownership can be enjoyed, sold, or passed down to heirs.
True
T/F: Resale timeshares often don't recoup the buyers' initial investment.
True
T/F: Residents own a share in a cooperative's (co-op's) corporation.
True
What type of timeshare involves a buyer agreeing to pay a one-time purchase price and an annual maintenance fee, and in return selecting an accommodation time and having the right to use the unit for a specified number of years?
Vacation
Buyers agree to a one-time purchase price and an annual maintenance fee.
Vacation ownership
MUD/PUDs are both residential and blank in the same building or group of buildings. Think of a retirement community with shopping, recreation—and, of course, the residential units—all in one fell swoop. It has convenience, of course, but also security, which is important for older people.
commercial
Ownership in a PUD townhome (and detached home) consists of a lot or parcel of land, the structure built upon it, and use of the blank, as opposed to PUD condominium ownership, where all land is commonly owned and maintained.
common area
Townhomes, also called townhouses, are a type of blank homeownership.
common interest
When a condo building is built, the developer creates a condominium blank, which has a description of the property, each unit, how the building is governed, and how dues are assessed.
declaration
You can own your condo in any way you want—in severalty, as joint tenancy, as tenants in common, or tenants by the blank.
entirety
Clint was looking for alternatives to the traditional vacation condo rental for his family. He purchased the right to use a given set of facilities at any point throughout the year. What did Clint purchase?
Campground membership
The owner buys the right to use the developer's facilities and may use the designated area at any time during the year.
Campground membership
Shareholders don't own any real estate, just shares in the corporation.
Co-ops
The owner owns a unit within the structure but no land.
Condos (Condos are distinguishable from other types of housing by the fact that the owner owns a unit within the structure, but not the structure itself or the land, and the structure is an attached, residential building.)
Typically is a high-rise development in the form of residential units above retail, entertainment, and commercial spaces.
Mixed-Use Development, MUD
Blank are distinguishable from other types of housing by the fact that they have a mix of residential and commercial uses.
PUDs
Detached home and townhome owners own both the structure and the land and have responsibility for shared common areas.
PUDs
Full wording for PUD and MUD is...?
Planned Unit Development and Mixed-Use Development
What type of estate involves a piece of real estate owned by multiple unrelated individuals who, in addition to their ownership rights, each hold the right to occupy the dwelling unit in one- to two-week intervals during the year?
Timeshare
Pieces of real estate owned by multiple unrelated individuals who occupy the dwelling unit in one- to two-week intervals during the year.
Timeshare estate
Gives the purchaser the right to possess the property at given times for a given duration, but does not convey ownership.
Timeshare use
Ownership of property allows the purchaser to use it for periods of time during the year.
Timeshares
Co-op residents each have a blank lease (a lease from the corporation) for the units they occupy. The lease provides unit owners with the right to use the property, to live there, and to share in the benefits of living there.
proprietary
Many owners like that condominium ownership is ownership in blank—unlike a cooperative where all you own is a share in the cooperative's corporation.
real property
Co-ops may look just like condos. They're often in the same types of buildings and may even be on the same street or in the same block as a condo complex. And both are located in attached, blank buildings (buildings joined to another building on at least one side).
residential
Co-ops are distinguishable from other types of housing by the fact that the owner owns blank instead of real estate, and the structure is an attached, residential building.
shares
Because condos are real property transactions, ownership rights are fee blank, which is the biggest and broadest form of ownership available.
simple
Co-op ownership isn't fee blank ownership, like condo ownership would be, or your traditional real estate purchase.
simple
A group of 26 different families have shared ownership of a vacation condominium. Each family spends two weeks annually at the condominium. Legally, the condominium is considered a _______.
timeshare property