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Exam 17: Condominiums and Cooperatives

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Question 1

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Most condominium declarations require that fire insurance on the units be under a master policy and that the insurance premium be an expense of the condominium association.

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Question 2

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Most cooperatives are financed by individual mortgages on the individu al cooperative owners' units.

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Cooperatives are generally owned by a cooperative corporation, with the individual owners being shareholders in the corporation.

A condominium association can foreclose and sell a n owner's condominium unit if the owner fails to pay common area assessments.

A swimming pool in a condominium development would be a common area.

Taxes on individual condominium units are paid by the individual condominium unit owners.

Condominium owners do not have joint and several liability for damage or harm caused to persons in connection with the common areas.

Condominium declarations usually contain comprehensive restrictions on the use of the condominium unit and common areas.

An enclosed backyard in a condominium development would be a common area.

Individual unit owners own the cooperative living units.

Taxes on individual condominium units are common expenses paid by the condominium association.

An enclosed backyard in a condominium development would be a limited common area.

A swimming pool in a condominium development would be a limited common area.

A cooperative owner generally does not have any restrictions on the owner's right to resell the cooperative unit.

The governing body of most condominiums is a nonprofit corporation in which each owner is entitled to one vote.

Craig owns shares in a cooperative and leases an apartment from the cooperative. Craig wants to sell his shares and assign his lease to the new owner. The cooperative's board of directors tells Craig that he cannot do this unless they approve the new owner. Can the board legally do this?

A condominium owner's obligation to pay common area assessments is conditioned upon the condominium association's providing services.

A condominium owner buys stock in a corporation, which owns the condominium; th is stock gives the condominium owner a right to live in a condominium unit.

Most cooperatives are financed by a mortgage on the entire cooperative.

Stefanie owns a condominium unit. Each month she is assessed a condominium assessment fee. For several months the health club at the condominium has not been open except on weekends and the landscaping has not been cared for regularly. Stefanie has complained a number of times to the association board, but has not received any positive response. Stefanie decides that she will not pay the monthly assessment. Is this a good idea? Can Stefanie defend against any attempts to collect the fee?