unit 8 unit test

Question 1

condominium

Answer 1

ownership with others or shared ownership

Question 2

unit ownership

Answer 2

fee simple and involves a certificate of title registered in the owner’s name.

Question 3

Created at the start of real estate development to fund the maintenance of features or amenities that will not be funded or maintained by the municipality

Answer 3

homeowners association

Question 4

timeshares

Answer 4

involves the purchase or lease of property in which multiple parties hold similar rights regarding the use of a property

Question 5

right to use ownership

Answer 5

indivdual leases an interest in the property for a certain period of time each year. (15-50 years)

Question 6

A person whole alone or in conjunction with another person sells or offers for sale to the public units or proposed units that have not been sold

Answer 6

developer

Question 7

Condo plan

Answer 7

2- or 3-dimensional plan of subdivision that outlines the size, location & boundaries of the land

Question 8

decision-making process

Answer 8

agenda, discussion, motion, vote, decision

Question 9

minimum number of individuals that must be present at a meeting

Answer 9

quorum

Question 10

exclusive use areas

Answer 10

only that owner is permitted the enjoyment that area provides

Question 11

4 components that makeup the structure of a condo

Answer 11

unit owners, condo corp, board of directors, common property

Question 12

total sum of all unit factors for a condo plan must equal 10,000

Answer 12

unit factors

Question 13

legislation governs the creation and operation of condos in Alberta

Answer 13

condo property act & regulation

Question 14

the benefit of hiring a professional condo manager

Answer 14

continuity

Question 15

what following method may be used by real estate professionals to determine if a condo utilizes the services of a condo manager

Answer 15

review the condo additional plan sheet (CADS)

Question 16

Which management involves the condo corp, under the leadership of the board of directors, carrying out ALL duties related to the condo

Answer 16

self-management

Question 17

operating fund

Answer 17

refers to the money used to pay for the regular, recurring expenses of the condo. (utilities, maintenance e, repairs)

Question 18

estimates the amount of money the condo corp expects to generate and spend in the next fiscal year

Answer 18

annual budget

Question 19

if the condos funds are insufficient for meeting short/long-term financial needs, the board of directors can levy what on all units

Answer 19

special assessment

Question 20

balance sheet

Answer 20

provides an overall picture of what a condo corp owns and what it owes

Question 21

On a condo, plan units are typically depicted using what

Exclusive use areas are depicted by

Answer 21

bolded, solid lines and given a unique number

Dashed lines & given a distinctive designation

Question 22

boundaries for units within this type of condo are distinguished by the interior finish on floors, walls, ceilings

Answer 22

conventional condo plan, units are defined spaces within a structure

Question 23

boundaries for units within this type are defined by the width and depth of each parcel of land

Answer 23

bare land condo plan

Question 24

real estate transactions involving units in which type of condo requires a real property report

Answer 24

bare land condo

Question 25

a signed statement from the condo corp that confirms the financial info it provides regarding a unit is correct as of the date

Answer 25

estoppel certificate

Question 26

conversion condo

Answer 26

involve buildings that previously offered rental or leased space such as apartment buildings, offices warehouses

Question 27

right of rescission

Answer 27

right of buyers to cancel or rescind a purchase contract under certain terms

Question 28

The condo property act refers to what is an annual report

Answer 28

statement of the reserve fund

Question 29

legislation that governs the creation and operation of condos in ab

Answer 29

condo property act and regulation

Question 30

board of directors

Answer 30

responsible for carrying out the duties of the condo corp

Question 31

extraordinary meetings

Answer 31

involves a specific issue, held when urgent decision needs to be made

Question 32

annual general meeting

Answer 32

must be scheduled within 15 months from the date on which the previous one was held

Question 33

legal entity consisting of all unit owners that is created upon registration of a condo plan with a land titles office

Answer 33

condo corp

Question 34

condos are created by which entity

Answer 34

developers

Question 35

which meeting is board of directors elected for upcoming year

Answer 35

annual general meeting

Question 36

who has the power to remove or replace a condo administrator

Answer 36

the court

Question 37

lease considered short if

Answer 37

its less an 12 months, more than 12 months its long term 3 years more may be registered against the title of the property

Question 38

notice of rental/lease ending

Answer 38

within 20 days of the rental/lease ending

Question 39

residential | non-residential

Answer 39

rental/leases of private dwelling are governed by statute law. Agreements are governed by the common law and contract law

Question 40

board of directors delegating some/all of its duties to a third party?

Answer 40

prof condo management

Question 41

meetin minute process

Answer 41

record, develop drat, review draft, approve

Question 42

more than oen individual possesses fee simple ownership, provides individual with a certain number of weeks per year to use the property (recreational properties in resort areas)

Answer 42

fractional ownership

Question 43

statement of the reserve fund is referred to as an

Answer 43

annual report

Question 44

title parking stalls | exclusive-use parking stall

Answer 44

held in fee simple ownership by individuals registered on title, solid, bolded line Part of common property, owned by condo corp, dashed line & unique designation

Question 45

provides protection for the condo corp and the board of directors in their administration of the condo affairs

Answer 45

liability insurance

Question 46

legal document created by an AB land surveyor that illustrates the boundaries of the unit as well as any improvments placed on a property

Answer 46

real property report

Question 47

the right of buyers to cancel or rescind a purchase contract under certain terms.

Answer 47

Right of rescission

Question 48

type of condo plans that have units which are parcel of lands with boundaries define by floors, walls, ceilings

Answer 48

barely blended condos.

Question 49

condo plans that often include a common property unit

Answer 49

barely-blended condos

Question 50

which condo documents are instruments registered that affect either the common property or the condo corp

Answer 50

Condo additional plan sheet

Question 51

what type of storage can be redistributed at the discretion of the board of directors

Answer 51

assigned storage areas

Question 52

which condo document contains financial info regarding a unit and is produced just before the closing date of a real estate trans

Answer 52

estoppel certificate

Question 53

who are real estate professionals accountable to regarding condo documents

Answer 53

seller, real estate brokerage

Question 54

Upon receiving a written request, how much time does a condominium management company have to provide a copy of the management agreement?

Answer 54

10 days

Question 55

The HiHo Condominium was established in 2003. Which statement is correct regarding how often a Reserve Fund Study must be completed?

Answer 55

5

Question 56

Under the legislation, the right of rescission is best described by which statement?

Answer 56

The ability of purchasers to cancel their purchase contract with a developer

Question 57

which documents can be found through spin 2

Answer 57

CADS, unit title and registered instruments

Question 58

which document can the total number of units in a condominium be found?

Answer 58

CADS, condo additional plan sheet

Question 59

reserve fund documents in order

Answer 59

study, report, plan

Question 60

info found on an estoppel certificate

Answer 60

monthly contributions assessed for a particular unit

Question 61

Which formula correctly illustrates the relationship among the components of a Balance Sheet?

Answer 61

assets=liability+equity

Question 62

which statement describes post-tension cables

Answer 62

the construction method that reinforces concrete