Multiple Choice
Identify the
letter of the choice that best completes the statement or answers the question.
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1.
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A condominium involves:
a. | fee simple ownership in the individual units and the
common area | b. | a leasehold
interest in the unit and personal property interest in the share of stock. | c. | stock only | d. | a combination of
fee simple ownership of each unit and a tenancy in common ownership of the common
elements. |
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2.
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A cooperative involves:
a. | a combination of fee simple ownership of each unit and a
tenancy in common ownership of the common elements. | b. | shares of stock only | c. | a leasehold
interest in the unit and personal property interest in the share of stock. | d. | fee simple ownership in the unit |
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3.
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Which is NOT associated with a
cooperative?
a. | a share of stock and a proprietary
lease | c. | fee simple ownership | b. | an assessment for taxes | d. | a right to occupy
a particular unit |
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4.
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To create a cooperative, it is NOT necessary to
have:
a. | stock. | c. | a
right to occupy a particular unit. | b. | an agreement to
share common area expenses. | d. | fee simple
ownership. |
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5.
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The sale of a condominium occurs by transferring
a. | .lease agreement. | c. | a
share of stock that represents ownership in the condominium. | b. | bill of sale. | d. | deed |
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6.
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Transfer of ownership in a cooperative unit occurs
by transferring a:
a. | deed. | c. | bill
of sale | b. | share of stock. | d. | lease. |
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7.
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If property taxes have not been paid which type of property, that has indvidual
units, will most likely be foreclosed upon separately?
a. | neither cooperatives or condominiums | b. | cooperatives | c. | both cooperatives
and condominiums | d. | condominiums |
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8.
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Since the property taxes have not been paid a tax foreclosure sale occurs and
the entire property is foreclosed on as one unit. What type of property is it?
a. | condominium | b. | cooperative | c. | both a condominium
and a cooperative | d. | neither condominiums and cooperatives can be
foreclosed on as one unit. |
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