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Name: Homework 25

horizontal rule

Instructions:  

horizontal rule

Question 1   Multiple Choice (1.0000 points)
  Question: When someone purchases shares of stock in a corporation that owns title to an entire
apartment building, it is properly called a
 
    condominium.
time-share.
cooperative.
proprietary lease.
 

 
Question 2   Multiple Choice (1.0000 points)
  Question: Individual ownership in a unit and an undivided interest in the common elements is a
 
    condominium.
cooperative.
time-share.
mixed use development.
 

 
Question 3   Multiple Choice (1.0000 points)
  Question: When an individual with a membership certificate is granted the right to occupy a specific unit
in a building, the individual obtains a
 
    lease.
rental agreement.
proprietary lease.
deed of trust.
 

 
Question 4   Multiple Choice (1.0000 points)
  Question: Which of the following establishes condominium ownership?
 
    Deed
CC&R declaration
Proprietary lease
All of the above
 

 
Question 5   Multiple Choice (1.0000 points)
  Question: The property manager of a condominium has fiduciary responsibilities to the
 
    tenants.
board of directors.
owners.
president of the corporation.