Which of the following gives the purchaser the right to possess the property at given times for a given duration, but also doesn’t convey ownership?
Condominium ownership
Cooperative membership
Timeshare estate
Timeshare use
Cooperative owners are actually called ______.
Investors
Real property owners
Shareholders
Stakeholders
Which of the following statements is true regarding the financing of a cooperative purchase?
All lenders offer loans for cooperative purchases.
Loan rates are significantly lower for cooperative purchases than single-family home purchases.
No lenders offer loans for cooperative purchases.
Some lenders refuse to offer loans for cooperative purchases.
A buyer purchased a cooperative. When the sale goes through, what will the buyer own?
An option to purchase
A stock portfolio
Real estate
Shares in a corporation
What is NOT allowed in a right-to-use timeshare?
Allow a friend to use the owner’s week.
Pass the timeshare on to an heir.
Purchase an additional week if it becomes available.
Try to exchange weeks with another timeshare holder.
Which condominium document creates the homeowners association?
Articles of incorporation
Bylaws
Declaration of condominium
FAQs
Which of the following is true regarding cooperatives?
A cooperative is an individual venture.
Cooperative ownership is considered personal property.
Cooperative shareholders don’t have to pay maintenance fees.
Cooperative shareholders own the land, building, rights, and interests to their units.
What type of timeshare gives ownership of the property for a certain number of weeks per year in perpetuity?
Eternal timeshare
Timeshare estate
Timeshare in perpetuity
Timeshare use interest
What type of estate involves a piece of real estate that’s owned by multiple unrelated individuals who, in addition to their ownership rights, each hold the right to occupy the dwelling unit in one- to two-week intervals during the year?
Apartment
Leasehold
Lifetime
Timeshare
Sally has just purchased a condominium. She is curious about whether she can plant hydrangeas next to her porch. Which condominium document could she consult for the answer?
Articles of incorporation
Bylaws
Declaration of condominium
FAQs
With cooperatives, the resident’s share of mortgage interest and real estate taxes is ______.
Deductible only on the board’s tax returns
Deductible on personal income tax returns
Not deductible on personal income tax returns
Paid by the board
What type of timeshare involves a buyer agreeing to pay a one-time purchase price and an annual maintenance fee, and in return selecting an accommodation time and having the right to use the unit for a specified number of years?
Lifelong
Permanent
Renewable
Vacation
The Florida Vacation Plan and Timesharing Act requires that a written disclosure be provided to consumers informing them that they have ______ calendar days to cancel their purchase.
10
14
15
30
Luke recently moved from a condominium to a cooperative. With a cooperative, his share of mortgage interest and real estate taxes will be ______.
Considered as capital gains
Deductible on his personal income tax returns
Fully refundable to him
Not deductible on his personal income tax returns
Lester is interested in a two-bedroom unit in a cooperative. A residence in a cooperative, unlike a condominium, is legally considered ______.
Borrowed property
Personal property
Real property
Temporary property
Which of the following is true regarding the purchase of a condominium?
If the prospective buyer has the financial means to buy the condominium, neither the association nor the residents can block the purchase.
The condominium association can reject the prospective buyer’s application for any reason.
The condominium residents can reject the prospective buyer’s application for any reason.
The Uniform Condominium Act requires state approval of all purchases.
Which of the following is a way that the Florida Vacation Plan and Timesharing Act protects consumers?
It allows all timeshare purchase contracts to be cancelled within 30 days for any reason.
It legally gives them 10 calendar days to cancel their purchase contract.
It prevents licensed real estate professionals from selling timeshare units.
It stipulates that consumers are under no obligation to attend timeshare presentations.
A buyer was looking for alternatives to the traditional vacation condo rental for their family. They purchased the right to use a given set of facilities at any point throughout the year. What did buyer purchase?
Campground membership
Condo estate
Timeshare estate
Timeshare use
What type of timeshare allows the right to occupy the timeshare for a set amount of time for a specified number of years?
Fee simple timeshare
Periodic estate
Timeshare estate
Timeshare use
Which of the following best describes condominium ownership?
The building belongs to the unit owner, and all owners also share in the ownership of the common elements.
The space inside the unit itself belongs to the condominium association, and owners also share in the ownership of the common elements.
The space inside the unit itself belongs to the unit owner, and all owners also share in the ownership of the common elements.
The structural unit belongs to the condominium association, and owners share in the ownership of the common elements.
Under which type of ownership arrangement can buyers purchase condominiums?
In joint tenancy or tenants in common, but not in severalty
In severalty, in joint tenancy, in tenants in common, or tenants by the entirety
In severalty, in joint tenancy, or tenants in common, but not tenants by the entirety
In severalty or tenants by the entirety, but not in joint tenancy
What do cooperative owners receive to demonstrate ownership?
Corporation shares and a proprietary lease
Deed
House laws
Mortgage
A couple owns a timeshare estate, and the weeks they own are inheritable. Why type of ownership is this?
Estate for life
Fee simple
Leasehold estate
Periodic estate
According to the Florida Vacation Plan and Timesharing Act, consumers have ______ calendar days in which they can cancel their purchase.
10
14
15
30
Which timeshare type is NOT a possible type of ownership of a timeshare unit?
Interval ownership
Right-to-use
Tenancy in common
Timeshare estate
Leo would like to sell his membership share in a cooperative to Mariah. Which of the following statements is true?
At Leo’s request, the cooperative is obligated to approve Mariah’s application.
Leo can sell his membership share to whomever he wants, regardless of what the cooperative board says.
Mariah need not submit an application to the cooperative board.
The cooperative board must approve Mariah’s application before Leo can sell his membership share to her.
Which condo document must be created before beginning development
Articles of incorporation
Bylaws
Declaration of condominium
FAQs
How is timeshare ownership typically split?
12 months
52 weeks
Half-years
Years
Several families have shared ownership of a vacation condominium, where each family spends a set amount of time each year. What type of property is this?
Co-op
Foreclosure unit
Rental property
Timeshare property
What is the term for a piece of real estate owned by multiple unrelated individuals who each hold the right to occupy the dwelling unit, usually, in one- to two-week intervals during the year?
Campground membership
Timeshare estate
Timeshare use
Vacation ownership
With a cooperative, the transfer of ownership ______.
Involves a transfer of real property
Is regulated by the federal government
Must be made public
Requires board approval
Cooperative corporations own all of the following EXCEPT ______.
All of the cooperative land
None of these; the corporation owns all of these things.
Rights and interests in the corporation itself
The cooperative buildings
How are cooperatives different from other types of residential housing?
Cooperatives always have at least 10 units.
Cooperatives are leased on a month-to-month basis.
Owners agree to abide by community association rules.
Owners are shareholders in a corporation.
What is the buyer of a condominium required to pay that a co-op buyer isn’t?
Monthly fees
Mortgage interest
Mortgage recording tax
Property taxes
Compared with condominiums, the monthly fees for a cooperative owner are typically ______.
Higher
Much less
Slightly less
The same
What is a key feature of a timeshare estate?
Timeshare estates are illegal.
Timeshare estates can be sold or passed down to heirs.
Timeshare estates cannot be passed down to heirs.
Timeshare estates cannot be sold.
Janice, who has lived in an apartment for many years, is interested in moving to a cooperative. She submits an application to the cooperative’s review board, but her application is rejected. The board ______.
Is forbidden from rejecting her if she qualifies financially
Is not required to inform her why her application was rejected
Must inform her why her application was rejected
Must inform the state why the application was rejected
Condominiums involve what type of ownership?
Borrowed property
Personal property
Real property
Temporary property
A cooperative is a(n) _____.
limited partnership
LLC
not-for-profit corporation
sole proprietorship
Before beginning development of a condominium building, what must the developer do?
Create an estimated operating budget
Create the condo association
Record a declaration of condominium
Record a declaration of intent
Which of the following is NOT true regarding a cooperative board of directors?
It always consists of outside management companies.
It has to follow rules established in the bylaws.
It manages all financial and policy decisions of the corporation.
It receives all of the shareholders’ maintenance fees.
A couple purchased the right to stay in a vacation condo once a year for the next 10 years, but they don’t own the unit. What did they purchase?
Condo estate
Cooperative unit
Timeshare estate
Timeshare use
The assessed value of a condominium is usually higher than a similar ______ because of outright ownership.
Cooperative
Single-family home
Townhome
Vacation property
You hold the right to visit and enjoy a property in Cabo San Lucas once a year for two weeks. Your interest is a ______.
Cooperative
Leasehold
License
Timeshare
9sect.unit1.CeSh.PreLic.Qonly.txt
When Bobby tries to claim that he owns the shed on Peter’s property after living there for 10 years, he’s attempting to claim title by ______________.
Adverse possession
Conveyance
Descent
Escheat
Susan Duffield died testate at age 49. What can be said about Susan’s estate?
Because of Susan’s age, any will is invalid.
Because of the will, it will avoid probate.
Because she died without a will, the estate becomes property of the state.
It will be put through probate.
If a property owner dies intestate and no heirs or creditors can be found, what becomes of the property?
A lottery is held for ownership.
The property is combined with an adjoining property.
The property reverts to a former owner as recorded on the deed.
The state claims the property through escheat.
Which of these statements best describes the meaning of title?
It’s one of the rights found in the bundle of rights.
It’s the legal concept that one owns property.
It’s the legal description of a property.
It’s the legal document that shows proof of ownership of property.
Which term best describes the transfer of land through eminent domain or condemnation?
Dedication
Involuntary alienation
Reliction
Voluntary alienation
Conveyance of property by escheat is an example of _______ alienation.
Hereditary
Involuntary
Unlawful
Voluntary
Elmer died and left a will. Before his estate can be distributed according to his wishes, it must go through ______.
A lawyer
Devise
Escheat
Probate
In which of the following situations can the state use its power of escheat?
A person died, and their three children are upset because their estate isn’t large enough to settle all of their debts.
A person died with no will, and his son lives overseas.
A person died with no will, no heirs, and no debt.
A person passed away with no children and no debt, other than $83,000 left on their mortgage.
When someone dies intestate with no heirs, the real property owned by that person may be taken by the state through _______.
Bulldozer
Descent
Eminent domain
Escheat
Wilma died without a will. How will her heirs be determined?
A committee appointed by the court
Intestate bequest
Intestate succession
The process of escheat
If Carol and Mike Brady died intestate, their children would all be _________ to the family home.
Beneficiaries
Devisees
Heirs
Testators
Which of these statements about voluntary alienation is true?
There is no such thing. By definition, all cases of alienation are involuntary.
Voluntary alienation is unlawful.
Voluntary alienation may only occur through documents signed by a notary.
Voluntary alienation occurs when the property owner decides who will acquire the property.