Deck 12: Condominiums and Cooperatives

Question 1

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

Answer 1

False

Question 2

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

Answer 2

True

Question 3

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

Answer 3

True

Question 4

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

Question 5

Most condominium declarations require that fire insurance on the units be under a master policy and the insurance premium be an expense of the condominium association.

Question 6

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

Question 7

Taxes on the individual condominium units are common expenses paid by the condominium association.

Question 8

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.

Question 9

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

Question 10

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

Question 11

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

Question 12

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

Question 13

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

Question 14

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

Question 15

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

Question 16

Condominiums and cooperatives are the same thing.

Question 17

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

Question 18

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

Question 19

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

Question 20

Condominium owners have joint and several liability for damage or harm caused to persons in connection with the common areas.

Question 21

Individual unit owners own the cooperative living units.

Question 22

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

Question 23

Most cooperatives are financed by a mortgage on the entire cooperative.

Question 24

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