Condos - Study guides, Class notes & Summaries

The Delton Beach Condo, with 400 units, has a budget of 2.5 million. It also has $3M reserves. a. The ass must maintain a Fidelity Bond of $5.5M. b. The ass must hire a CAM. c. The ass must have an annual audit. d. The ass must have at least 5 directors on the board. - ANSWER c. The ass must have an annual audit. Condos with revenues of $500K or ore must have an annual audit, unless waived by a majority of members in a duly called meeting. Members may not waive more than 3 consecutive yea...

Unit #3 Beyond the Single-Family Home Condos, Townhomes, and Residential Leasing Exam Questions with Correct Answers Which of the following statements regarding Terry's request is TRUE? - Answer-The landlord must allow the tenant to make modifications at the tenant's expense. When an individual makes application for a residential rental unit, she should be ready to provide the property manager with all of the following information EXCEPT A) her date of birth. B) her Social Security num...

Form of joint ownership of real property that comprises: Exclusive ownership of each unit Joint undivided share of common elements Required membership in the community association - ANSWER What is a condominium? Cooperative Act - ANSWER FS 719 Mandatory Homeowner's Association - ANSWER FS 720 Mandatory contents of a declaration ( condos) - ANSWER FS 718.104 Definitions of the corporate entity, powers of association, easements, rights of access to unit, insurance, official records...

Beyond the Single-Family Home Condos, Townhomes, and Residential Leasing Exam Questions and Answers

In ______the Texas Real Estate Commission was established to administer and enforce the TRELA. a. 1939 b. 1929 c. 1949 d. 1993 - ANSWER c. 1949 TREC has only _______ promulgated lease forms. a. 1 b. 2 c. 3 d. 4 - ANSWER b. 2 In the TAR® Seller's Disclosure the seller should _______. a. prepare the disclosure when the listing is taken b. be the only one completing this form or any part of it c. none of the above d. both a and b - ANSWER d. both a and b Which of the fo...

Pearson Vue Exam Questions & Answers, 100% Accurate, rated A+ Real property interests include... - -an appurtenance that goes with the land. Examples: buildings, fences, trees, water rights, the ground below, mineral rights, air rights, easements What is a form of ownership that is restricted to husbands and wives? - -Tenancy by the entirety. Each owns the entire parcel. Neither can separately convey and interest during the other's life time. On the death of a spouse, the survivo...

2 types of insurance required under condo corp property act - Liability, and insurance against perils AGM - must be held within 15 months of last. next board is elected, must give 2 weeks notice and provide, Financial statements for previous year, annual report of reserve fund, annual next year Audits - ensure that the financial statements are reasonably accurate representation of the condo corps financial position bare land condo plans - units are parcels of land, the boundaries are def...

1 year - If you don't renew your registration how long is it before you have to get a new criminal record check 10 - How many days does a condo management company have to provide a copy of management agreement upon receiving written request 10,000 for individual 100,000 for business - Max fines from PIPA if convicted of an offence 180 days - Builder has how many days to go to court to register a certificate of lis pendens 1st degree relative - A spouse, or children ate considered what de...

CAM 2024 Exam Questions with 100% Correct Answers 1. Condominium form of ownership is comprised of units owned by one or more persons and joint ownership of ________ share in the common elements. A. a percentage B. an undivided C. a proportional D. a complete - ANSWERSB. an undivided Condominium means individual ownership of a unit coupled with joint ownership of an undivided share of the common elements as well as mandatory membership in the association. 2. Under the General Corp...

1. Condominium form of ownership is comprised of units owned by one or more persons and joint ownership of ________ share in the common elements. A. a percentage B. an undivided C. a proportional D. a completeAnswer - B. an undivided Condominium means individual ownership of a unit coupled with joint ownership of an undivided share of the common elements as well as mandatory membership in the association. 2. Under the General Corporate Law _______, community associations have the righ...