Exam (elaborations)
Property Ownership(questions well answered)
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Property Ownership(questions well answered)
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Property OwnershipA cooperative apartment - correct answer ✔✔Condominium ownership would NOT be used on which of
the following?
A » An apartment building
B » A cooperative apartment
C » Townhouses
D » An office park
tenancy in common - correct answer ✔✔Time share ownership would be most evidenced by:
A » joint tenancy
B » tenancy in common
C » tenancy in the entireties
D » cooperative ownership
cooperative - correct answer ✔✔A person that has stock ownership in an apartment and a proprietary
right to lease that space would be participating in a:
A » condominium
B » cooperative
C » time share
D » alienation
the people who reside there are unit owners - correct answer ✔✔The main difference a manager would
need to realize between managing a condominium and an apartment complex is that in a condominium:
A » the manager would not have to maintain the common areas
B » the need for swimming pool regulations would not be as great
C » the people who reside there are unit owners
D » the residents are still considered to be tenants
, association of unit owners - correct answer ✔✔A condominium development with a long standing
established homes association would be governed by the:
A » long established tenants
B » association of unit owners
C » developer of the condominium
D » state licensing agency
Fee simple - correct answer ✔✔What is the greatest type of interest an owner can receive in a
condominium?
A » Fee simple
B » Leasehold
C » Right of free use
D » Stock
Undivided interest in the common areas - correct answer ✔✔What interest does a condominium owner
have in common with other condominium owners?
A » Divided interest in the common properties
B » Undivided interest in the limited common properties
C » Undivided interest in the common areas
D » Undivided interest in the master deed plan
personal property - correct answer ✔✔Harvesting of crops that require annual planting means that the
crops are considered to be:
A » real property
B » personal property
C » fixtures
D » trade fixtures
severance - correct answer ✔✔Converting real property into personal property would be called a(n):
A » chattel
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