FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 12: Condominiums and Cooperatives

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

True/False

Review LaterAdd Note

Review Later

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

Correct Answer

verified

Show Answer

Question 2

True/False

Review LaterAdd Note

Review Later

Most condominium declarations require that fire insurance be obtained by each condominium unit owner.

Correct Answer

verified

Show Answer

Question 3

True/False

Review LaterAdd Note

A condominium owner buys stock in a corporation that owns the condominium, and this stock gives the condominium owner a right to live in a condominium unit.

A condominium declaration and plat must be in existence before the project can be considered a condominium and before individual units can be sold.

A condominium form of ownership once created can never be terminated.

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

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

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

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

Individual unit owners own the cooperative living units.

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

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

Condominiums and cooperatives are the same thing.

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

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

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

Most cooperatives are financed by individual mortgages on the individual cooperative owner's unit.

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

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

Condominiums rarely contain restrictions on the use of the unit and the common areas.