Section 2 Chapter 8
The correct answer is: This is allowed if they are labeled not yet completed and a completion date is specified.
A condominium advertises a pool and tennis court, but they have not yet been completed. Which is correct? Select one: a. This is illegal advertising. b. It is allowed so long as the advertising states not yet completed. c. This is allowed if they are labeled not yet completed and a completion date is specified. d. This is allowed since the rule of caveat emptor reigns.
C. Condominium Ownership
A person has a fee for simple ownership of one unit of a multi-story building and pays property taxes on this unit. What type of ownership does this situation describe? a. Proprietary lease. b. Cooperative ownership. c. Condominium ownership. d. Joint tenancy in the common area.
The correct answer is: Horizontal Property Act.
Condominium owners come under which of the following? Select one: a. Homestead Act. b. Horizontal Property Act. c. Parallel Property Act d. Vertical Property Act.
The correct answer is: A single tax bill prorated among individual units.
Property taxes on cooperative units are assessed in the form of: Select one: a. Individual tax bills for each unit. b. A single tax bill prorated among individual units. c. Annual tax bills based on the type of unit. d. Biannual tax bills based on the type of unit.
proprietary leases
Proprietary means "owner," and leases in a cooperative are called __________________ because the tenant is also an owner by virtue of his stock ownership in the corporation.
The correct answer is: Time-shares.
The term "interval ownership" is associated with: Select one: a. Cooperatives. b. Time-shares. c. Condominiums. d. Planned unit developments.
Horizontal Property Acts or Condominium Acts
These laws govern the development, marketing, sale, ownership, and management of horizontal slices of airspace.
The correct answer is: True
Time-shares are somewhat like leases. Select one: a. True b. False
Air lots
Units are sometimes referred to
The correct answer is: the individual unit owners as tenants-in-common.
Which of the following best describes a condominium unit? Select one: a. Personal property b. Air lot c. Stock ownership d. Interval ownership
A common wall
is a wall separating two living units in a condominium.
Land-Use Intensity (LUI)
is the system of analyzing land use that has become an increasingly important tool in the development of PUDs.
Density zoning
ordinances that restrict the average maximum number of houses per acre in a subdivision rather than restricting lot size for each dwelling are applicable to PUDs.