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