Section 2: Chapter 8
LUI scales that relate land, building coverage, and open spaces have become increasingly important in the development of: Select one: a. Condominium projects. b. PUDs. c. Time-shares. d. City planning.
B. LUI (Land Use Intensity) scales are used in the development of Planned Unit Developments (PUDs). The correct answer is: PUDs.
The owner of a unit in a cooperative gains the right to occupy the unit through a: Select one: a. Stock certificate. b. Proprietary lease. c. Rental agreement. d. Standard lease agreement.
B. The best answer is that it is the proprietary lease which gives the owner the right to occupy the unit. Granted, they must purchase the stock, but it is the lease which grants occupancy. The correct answer is: Proprietary lease.
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.
B. The law that governs condominiums is often called the Horizontal Property Act. The correct answer is: Horizontal Property Act.
If a man is considered a "proprietary tenant", he is the owner of an interest in which of the following: Select one: a. Condominium apartment. b. Apartment house. c. Cooperative apartment. d. Office building.
C. A person who lives in a cooperative apartment does so because he or she owns stock in the cooperative and is given a proprietary lease on his apartment. The correct answer is: Cooperative apartment.
A homeowners' association, or HOA, would be required for which type of subdivision? Select one: a. Condominiums only. b. Planned unit developments only. c. Both condominiums and planned unit developments. d. Neither condominiums nor planned unit developments.
C. Both condominiums and planned unit developments will have common areas and will need HOAs. (Cooperatives have common areas as well but they are governed by the corporation that owns the complex.) The correct answer is: Both condominiums and planned unit developments.
Which of the following does NOT describe a cooperative form of ownership? a. A corporation owns the land and improvements. b. Taxes are general liens against a corporation. c. Unit owners are stockholders. d. Unit owners hold a real property interest in the land and improvements.
D. The false statement is that unit owners hold a real property interest. In fact, the unit owner only owns shares of stock of the corporation that owns the property. The correct answer is: Unit owners hold a real property interest in the land and improvements.
The owner of a cooperative apartment unit. Select one: a. owns stock in a non-profit corporation. b. holds fee simple title that may be sold, mortgaged or leased. c. owns the unit in fee simple with an undivided interest in the common elements. d. holds title in partnership with unit owners.
A. The unit owner owns stock in a non-profit corporation. The correct answer is: owns stock in a non-profit corporation.
Which of the following best describes a condominium? a. Personal property b. Air lot. c. Stock ownership. d. Interval ownership.
B. A condominium is described as an air lot because you own the airspace inside your unit. The correct answer is: Air lot.
Which of the following best describes a condominium unit? Select one: a. Personal property b. Air lot c. Stock ownership d. Interval ownership
B. Condominium units are referred to as "air lots," since what the owner actually owns is a cubicle of airspace that lies between the interior surfaces of the unit walls, and between the floor and the ceiling. The correct answer is: Air lot
True or False: Density zoning restricts lot sizes.
The statement is false. Density zoning restricts the number of houses per acre. The correct answer is: False
True or False: Common areas are owned as tenants-in-common with other condominium owners.
True