Quiz 15

Which of the following best describes how the operating costs for a cooperative building's day-to-day operations are covered?

What type of lease does a stockholder in a cooperative building typically have for their apartment?

Which of the following would typically NOT be found within an offering statement for condominium?

In which document would you most likely find specific regulations regarding pet ownership in a condo or co-op?

What is the minimum number of units a property must contain to be legally defined as a condominium?

Generally, how many months' worth of operating expenses should a cooperative have readily available in its reserve funds?

In which of the following scenarios would a UCC-1 filing be required?

To provide public notice of a loan secured by a cooperative apartment, which document is filed?

When a bank provides financing for the purchase of a cooperative apartment, what serves as collateral?

In a cooperative sale, who typically holds the right of first refusal?

James is purchasing a cooperative apartment and obtaining bank financing. What will the bank use as collateral?

At the closing of a cooperative apartment sale, what does the buyer receive?

Which of the following expenses is typically included in a cooperative owner's monthly maintenance fees?

After purchasing a condominium apartment, what document is recorded on public record to demonstrate ownership?

In a cooperative building, who legally owns the real estate?

Mark owns a condominium apartment, representing a 1.5% share. If the annual upkeep of common elements is $150,000, what is Mark's share?

What foundational document establishes the existence, use, and maintenance guidelines for a condominium property?

Who ultimately has the authority to approve the sale or purchase of a cooperative apartment?

In which document would you find the subletting policies of a cooperative?

Abby purchased a cooperative apartment with a bank loan. What document is filed after closing to give notice of Abby's loan?

Under what circumstance is a UCC-1 form filed in public record?

Which document outlines terms when parties haven't formalized an agreement into a contract?

What is another term for common elements?

Mary owns a cooperative and wants a cat, but isn't sure if it's allowed. Where should she look?

David owns a co-op with 4.2% ownership. The annual budget is $725,000; what are David's monthly costs?

Where can one verify monthly maintenance fees for a particular cooperative apartment?

How is a cooperative apartment classified in terms of property type?

A corporation owns a building, with owners holding stock relative to their apartment's value. This is a...

What is the governing board of a condominium typically called?

Which of the following would be considered chattel?

What term refers to the developer or owner organizing the sale of a condo or co-op?

A building with both condo and co-op ownership structures is known as a...

The Smiths own a co-op with a 0.5% stake. The annual budget is $225,000; what are their costs?

What document contains key information disclosed when purchasing a cooperative?

When loaning for a co-op apartment, what does a bank want to see?

John has a faulty HVAC damper in his co-op. Who is responsible for fixing it, and where can he find this info?

What are monthly payments by a co-op shareholder called?

What is the agreement between a co-op building and a bank lending money to purchase shares of stock known as?

In a condop, what is typically owned by the cooperative structure as a single unit?

What is the process of changing a rental building into a condominium called?