Property Types

Question 1

Property in which each owner has a separate interest in their own unit and undivided interest in the common areas.

Less maintenance
No Yard
More affordable

Answer 1

Codominium

Question 2

a building owned by a corporation where the residents are shareholders in the corp. All have rights to the common areas.

Answer 2

Cooperatives Slide 31

Answer 3

Common elements

Question 4

subdivision that includes resedential dwellings along with nonresidential real estate, departing from normal zoning and subdivision regulations.

Answer 4

planned unit development (PUD)

Question 5

a form of co-ownership where each owner has the use of the property at a different prescribed period of time. This period of time is called an interval, also known as interval ownership.

Multiple owners have the right to use a property for a specified period each year.

Answer 5

timeshare

Answer 6

timeshare estate

Answer 7

timeshare use

Question 8

Single-Family
Vacation properties
Townhouses
Condos
Apartment Buildings
Manufactured homes

Used for habitation.

Answer 8

Resedential Property

Question 9

a dwelling that is built off-site and capable of being moved from place to place.
Personal Property by default but can become real property when permanently affixed

Answer 9

Manufactured Homes

Question 10

Used for business
used to generate revenue
typically considered investment properties

Office Buildings
Retail Complexes
Gas Stations
Entertainment Venues
Restaurants

Answer 10

Commercial Real Estate

Question 11

Manufacture of products or materials
distribution facilities
warehouses
storage facilities
research facilities
data centers

Answer 11

Industrial real estate

Question 12

Properties used for the commercial cultivation of food, fiber and feed.

Family & commercial farms
ranches
orchards
nurseries and greenhouses
pastures
feedlots

Answer 12

Agriculture real estate

(Review Property tax rule) Slide 13

Question 13

Publicly Owned
Require substantial reinvestment to convert to another purpose or use
Do not come up for sale as frequently as other property types

Places of worship
schools
rec centers
cemeteries
gov. held lands

Answer 13

Special-Purpose property

Question 14

Buyers of units in PUDs are entitled to receive certain info about the PUD.

According to the Arizona Revised Statutes, a buyer must receive:

The bylaws and rules of the association

The declaration of CC&Rs

A dated statement that includes:

Address and phone number of principal contact for the homeowners association

Cost of regular and special assessments, including those that are currently due from the seller

Information on what is covered by the association’s insurance

The total dollar amount of the association’s reserves

Any relevant information about alterations or improvements to the unit

Any case names or numbers of pending litigation involving the premises or the HOA

HOA’s current operating budget, most recent annual financial report, and any recent reserve studies

The buyer will sign a statement showing they read and understood the rules and documents.

Answer 14

PUD’S Arizona requirements

Question 15

Timeshare estate: a right of occupancy in a timeshare project, which is coupled with an estate in a real property

Timeshare interval: a timeshare estate, a timeshare use, or a timeshare period

Timeshare project: a project in which a purchaser receives the right to the recurrent, exclusive use of a segment of real property annually or on some other periodic basis

Timeshare use: a license or contractual or membership right of occupancy in a timeshare project that is not coupled with an estate in the real property

Answer 15

Timeshares in Arizona