Condos Study guides, Class notes & Summaries

FL CAM License Exam Questions And Correct Answers, With Complete Verified Solution. Over 400 Questions And Answers With Rationale. Graded A+ 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 B. an undivided Condominium means individual ownership of a unit coupled with joint ownership of an undivided share of the common elements...

Condos, Co-ops, Timeshares, And PUDs

Definition of Security correct answers 1. Investment of money 2.In a common enterprise 3. With an expectation of profit 4.Results solely from the efforts of others What are considered securities? correct answers 1. Stock 2. Bond 3. Debenture 4. Right or warrant 5. Note 6. Put, call, straddles, privileges on securities or other option 7.Limited Partnership interest 8. Certificate of interest in a profit-sharing agreement 9.Treasury Stock 10. Evidence of indebtedness 11. Collatera...

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 - 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 right to buy,...

Ch. 11 - ANSWERResidential Land Uses Types of Residential Development - ANSWER1. Single-family detached -> privacy, elbow room, best resale value 2. Single-family attached -> lower development costs per unit, higher density, less yard work, shorter utility lines (town houses, plexes, patio or zero-lot-line) 3. Multifamily -> don't need a down payment, no maintenance/yard work, allow you to live in certain areas you normally couldn't (condos and coops) 4. Manufactured ho...

The first principle of restoration as described by the S500 on a restoration project is to _____ Account for the health and safety of occupants Describe at least three characteristics of commercial drying projects that make it different from typical residential ones Complex wiring Public access and security Multiple stakeholders Electrical power Complex construction,materials, codes The S500 describes Commercial Buildings in the following way: •Commercial •Industrial •Institutio...

Article 12A: NYS Real Property Law - Answer "Real Estate License Law" - violation is a misdemeanor punishable by loss of license, $1000 fine, revoking of license - all salespersons have license suspended - after 1 year broker can apply to get license back Capital Gains Tax Exemption - Answer -profit from sale that is taxed - single person has first $250,000 tax free - married couple $500,000 tax free Property Condition Disclosure Statement - Answer - 6 page statement sell...

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 - Answer- 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 rig...

NMLS Laws And Regulations Exam Questions 2024. CFPB - correct answer Consumer Financial Protection Bureau What does the CFPB do? - correct answer Regulates RESPA, TILA, ECOA, and HMDA FTC - correct answer Federal Trade Commission What does the FTC do? - correct answer Monitors Red Flag Rules RESPA - correct answer Real Estate Settlement Procedures Act What does RESPA do? - correct answer •Protects homeowners of Single, 1-4 family dwellings, condos, & homes manufactured on lot. ...

Where is license law written? o :## Article 12A Under NYS Real Property Law, when Dept. of State revokes a salesperson's license, the salesperson can't be relicensed until how much time has expired? o :## 1 year If a broker's license is taken away, what happens to the salespersons who work for him? o :## Their licenses are suspended until they associate with a new broker. What could happen to somebody who breaks Article 12A? o :## Loss of license, $1000 fine, and year in jail. Is vi...