Module 2 Condos, Cooperative, Time Shares & Land Use

Question 1

Condo Unit deed

Answer 1

Sqft and description of your unit with your unit number and how much common space belongs to you.

Question 2

Master deed

Answer 2

Description of the whole complex the land and how many units there are

Question 3

Closing on a condo you need a certificate. What is the name of the cert

Answer 3

A 6D Certificate

Question 4

Define Condominium:

Answer 4

The absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit actually occupies, or a separate dwelling unit in a multiunit development, plus an undivided interest in the ownership of the common elements in the building or development, which are owned jointly with the other condominium unit owners. 76

Question 5

Define time-share:

Answer 5

A form of ownership interest that may include an estate interest in property and that allows use of the property for a fixed or variable time period. 79

Question 6

Define Lease option:

Answer 6

lease option A lease under which the tenant has the right to purchase the property at an agreed-upon price either during the lease term or at its end. 356–357

Question 7

Define Lease:

Answer 7

A written or oral contract between a landlord (the lessor) and a tenant (the lessee) that transfers the right to exclusive possession and use of the landlord’s real property to the lessee for a specified period of time and for a stated consideration (rent). By state law, leases for longer than a certain period of time (generally one year) must be in writing to be enforceable. 350

Question 8

Define freehold estate:

Answer 8

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate. 52

Question 9

FreeHold vs Non-FreeHold

Answer 9

FreeHold is the owner and non-freehold is the tenant

Question 10

Define Lessor:

Answer 10

Land Lord

Question 11

Define Lessee:

Answer 11

Tenant

Question 12

Define Estate/Tenancy for Years:

Answer 12

An interest for a certain, exact period of time in property leased for a specified consideration. 351

Question 13

Define estate (tenancy) from period to period ≈

Answer 13

An interest in leased property that continues from period to period—week to week, month to month, or year to year. 351

Question 14

Define estate (tenancy) at will

Answer 14

An estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite. 352

Question 15

Define estate (tenancy) at sufferance

Answer 15

The tenancy of a lessee who lawfully comes into possession of a landlord’s real estate but who continues to occupy the premises improperly after the lease rights have expired. 352

Question 16

Define gross lease:

Answer 16

A lease of property according to which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. Most residential leases are gross leases. 357

Question 17

Define percentage lease

Answer 17

A lease, commonly used for commercial property, whose rental is based on the tenant’s gross sales at the premises; it usually stipulates a base monthly rental plus a percentage of any gross sales above a certain amount. 357

Question 18

Define Graduated Lease:

Answer 18

A lease with predefined rent increases know upfront.

Question 19

Define net lease:

Answer 19

A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs. 357

Question 20

Define option:

Answer 20

An agreement to keep open for a set period an offer to sell or purchase property. 214

Question 21

Define right of first refusal:

Answer 21

A clause allowing the tenant the opportunity to buy the property before the owner accepts an offer from another party. 77, 357

Question 22

Define management plan

Answer 22

A highly detailed plan that lays out the owner’s objectives for a property, as well as what the property manager wants to accomplish and how, including all budgetary information. 372

Question 23

What is the difference between Assign vs Sublet:

Answer 23

Assigning the new person has all the responsibilities as the previous assignee and the original assignee is no longer responsible. A sublet the original assignee still has all the responsibilities with the owner.

Question 24

Define management agreement:

Answer 24

A contract between the owner of income property and a management firm or individual property manager that outlines the scope of the manager’s authority. 370

Question 25

Define 99 Year lease:

Answer 25

If a lease extends past 100 years the owner could loose some of there rights.

Question 26

Define Proposition 2.5:

Answer 26

A town can not exceed spending by more than 2.5% in one year.

Question 27

Unpaid Property taxes will become a what

Answer 27

A lean and a tax lean supersedes all other leans on a property

Question 28

Define municipal lien certificate;

Answer 28

A lien placed on a property by a town

Question 29

Mechanic’s Lien

Answer 29

A lien placed on a property by contractors who have a written contract to preform work and they didn’t get paid for that work

Question 30

In what order are Mechanic Liens paid?

Answer 30

In the order the liens were filed.

Question 31

Special Assessment and Betterment Liens:

Answer 31

Special property tax that is permitted when real property receives a special advantage or benefit. A special assessment or Betterment is a lien on the benefited property.