Condominium Flashcards
A condominium consists of ________ ___ units and ________ ___ elements
condo units & common elements
An individual owns a unit in ____ (kind of estate) plus an ______ fractional share of the common elements
a unit in fee simple plus an undivided fractional share of the common elements
Property taxes are levied on _______ units
individual units
What does the declaration of condominium contain?
it contains legal descriptions of the units
What does the declaration of condominium create once recorded?
once recorded it creates the condominium
What do the articles of incorporation of the association create?
The corporate entity responsible for operating the condominium
____ of the association describe the rules and regulations of the associations
Bylaws of the association
The FAQS of the condominium should inform prospective purchasers about: (list 3)
- restrictions on the leasing of a unit
- information concerning assessments
- whether the unit owners or the association are obligated to pay rent or land-use fees for recreational facilities
Buildings of three stories or more require the: (list 3)
- milestone inspection report
- most recent structural integrity reserve study (SIRI)
- turnover inspection report
What does a developer need to provide to purchasers if the condominium consists of more than 20 residential units? (list 6)
- prospectus (aka offering circular)
- estimated operating budget - detailed estimates of common expenses
- declaration of condominium
- articles of incorporation
- bylaws
- FAQs
What needs to be provided to the buyers for a resale condominium unit sold by unit owner? (list 7)
- Most recent year-end financial report
- rules of the association
- governance form educating prospective purchasers on the rights & responsibilities of unit owners
- declaration
- article of incorporation
- bylaws
- FAQs
