PUD/Condo/Coop/Group Ownership Flashcards
Blue Sky Laws regulate
a. salesperson and broker commissions
b. broker licensing
c. sales of securities and security brokers
d. out-of-state resorts
C. sales of securities and security brokers
If a person owns a condo, they own:
a. undivided interest in common areas and a separate interest in the unit
b. undivided interest in the whole, separate interest in the unit, and ownership of the land under the unit
c. separate interest in the whole
d. divided interest in common areas ad undivided interest in the unit
A.
When co-op members sell their interest, they’re selling their:
a. fee simple interest
b. life estate
c. reversionary interest
d. leasehold interest
D. leasehold interest
The property of an owner who dies intestate will have their property:
a. escheat to the state
b. transfer by descent to heirs
c. devised by will
d. sold at auction
B. transfer to heir
An example of voluntary alienation is
a. acquisition under eminent domain
b. assignment by an attorney in fact
c. loss of property through avulsion
d. escheat of property after a person dies
B. assignment by an atty in fact
The three ways in which property ownership is transferred are:
a. proprietary lease, leases and syndication
b. Blue Sky Laws, acknowledgment and county assessor
c. constructive notice, entitled possession and litigation
d. inheritance, involuntary alienation and voluntary alienation
D.
An agent would need a securities license in order to sell
a. coops or condos
b. apartment buidlings
c. real estate limited partnerships
d. commercial property
C.
In a co-op:
a. each owner has a deed
b. each owner holds stock
c. all owners are on one deed
d. the owners are tenants in common
B. each owner holds stock
Which state agency regulates the sale of real estate securities
a. SEC
b. AZ Dept of Financial Institutions
c. AZ Corporation Commission
d. AZ Dept of RE
C. AZ Corp Comm
Individual that own the building or unit they live in and the land beneath the buildings, but common areas are jointly owned w/ the other owners:
a. condo
b. coop
c. townhome
d. apart building
C. townhome
Which is an example of involuntary alienation
a. mortgage
b. deed of trust
c. deed thru foreclosure
d. deed in lieu of foreclosure
C.
An owner’s interest in the condo’s common areas is best described as
a. sole and separate
b. an undivided interest
c. joint tenancy
d. in severalty
B.
A co-op charges taxes based on
a. square footage
b. price of property sold
c. appraisal
d. pro rata share
D. pro rata
An example of involuntary alienation:
a. condemning a strop of land to build a highway
b. dedication an acre of land to the county
c. gifting a parcel of land to a family member
d. signing a warranty deed at closing
A.
A man and his bro purchase a condo taking title as joint tenants. Their interest in the common areas would be held:
a. as community prop
b. as joint tenants
c. as tenant in common
d. in severalty
C. tenants in common
