Residential condominium - Study guides, Class notes & Summaries

Humber Real Estate - Course 3, Module 1, Introducing Residential Condominiums (Practice Questions and Answers)

Title - Answer Condominium owners hold ______ to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation. A legal entity that represents the collective interests of its property owners. - Answer What is the definition of a 'Condominium Corporation'? The condominium board - Answer Who establishes the rules and bylaws in a condominium? To secure the assets of the corporation and ensure residents...

Community Association - Answer- Legal entity in which the owners enjoy the protection, enhancement, maintenance, and preservation of their homes and property Three defining characteristics of Community Association - Answer- Mandatory Membership, Mutually Binding Documents, and Lien-Based Assessments Mandatory Membership - Answer- Membership in the community association is mandatory and automatic for all owners Mutually Binding Documents - Answer- Certain association governing documents ...

Humber Real Estate - Course 3, Module 3, Completing Agreements of Purchase and Sale For Residential CondominiumsHumber Real Estate - Course 3, Module 3, Completing Agreements of Purchase and Sale For Residential CondominiumsHumber Real Estate - Course 3, Module 3, Completing Agreements of Purchase and Sale For Residential Condominiums No. They can vary significantly from builder to builder or even from project to project. - ANSWER-Is there a standardized form for builder's agreements? - Dim...

multi-line policies - Answer HO policies are _ which mean they combine property and casualty coverages in the same policy. it packages several coverages related to a specific type of exposure, and it reduces the number of policies one has to purchase. personal package policy - Answer HO insurance is sold as a _ designed to cover a broad range of exposures related to owning and renting a part of a home. theft insurance and personal liability coverage under one contract - Answer the HO insur...

LA ADJUSTER SERIES 204: HOMEOWNER INSURANCE QUESTIONS AND ANSWERS 100% ACCURATELA ADJUSTER SERIES 204: HOMEOWNER INSURANCE QUESTIONS AND ANSWERS 100% ACCURATELA ADJUSTER SERIES 204: HOMEOWNER INSURANCE QUESTIONS AND ANSWERS 100% ACCURATE multi-line policies - ANSWER-HO policies are _ which mean they combine property and casualty coverages in the same policy. it packages several coverages related to a specific type of exposure, and it reduces the number of policies one has to purchase. person...

M100 2023 Exam Questions and Answers All Correct Community Association - Answer--Legal entity in which the owners enjoy the protection, enhancement, maintenance, and preservation of their homes and property Three defining characteristics of Community Association - Answer--Mandatory Membership, Mutually Binding Documents, and Lien-Based Assessments Mandatory Membership - Answer--Membership in the community association is mandatory and automatic for all owners Mutually Binding Documents...

M100 Community Association Management Exam Questions with correct Answers Graded A+ 2024 Each of the following are key characteristics of community associations EXCEPT: a. Mandatory lien-based economic charges or assessments are levied on each owner in order to operate and maintain the community association. b. Membership in the community association is mandatory and automatic for all owners. c. A requirement of community association ownership is serving on the board of directors. d. Certain do...

Characteristics of a Community Association CORRECT ANSWER Mandatory membership Mutually binding documents Lien-based assessments Purposes of a Community Association CORRECT ANSWER Business - Not for profit Government - Runs like a mini-government Community - Mutual reasons for buying into area 3 Basic Types of Community Associations CORRECT ANSWER Planned Community - Owners owns his lot/living unit and community owns common areas (tennis courts, basketball courts, etc.). Condominium -...

Humber Real Estate - Course 3, Module 3, Completing Agreements of Purchase and Sale For Residential Condominiums Questions & Answers(Graded A+) No. They can vary significantly from builder to builder or even from project to project. - ANSWER-Is there a standardized form for builder's agreements? - Dimensions - Materials of rooms, cupboards & countertops - Descriptions of future facilities planned for the site - Schedules for deposit payments & occupancy dates - ANSWER-What information ...