Unit 4 Quiz - Association Structure and the roles and responsibilities of the developer and unit owners

What type of covenant "runs with the land"?

What is the term for a document that establishes the formal regulations for all the property in the residential community?

Which MUST be included in a valid declaration of condominium?

What establishes the entity responsible for the maintenance, management, and operation of the community property?

What governs the actual operation of the association?

If no vote requirement is included in condominium and cooperative documents, no less than _____ of all eligible voting interests are required.

What percentage of voting interests MUST be attained if the declaration or cooperative documents do not specify procedures for the alterations of or additions to common elements?

Who creates the community association?

What is the developer obligated to disclose at the time the sales program begins?

What happens if a condominium or cooperative owner in a mandatory membership association does not pay unit assessments?

Unit 4 Quiz - Study Notes

Question 1: Restrictive covenants "run with the land."
Question 2: A document establishing formal regulations for a residential community is a Declaration of Covenants and Restrictions.
Question 3: A valid declaration of condominium must include a legal description of the land, unit owner's membership and voting rights, and bylaws.
Question 4: The entity responsible for maintaining and managing a community is established by the Articles of Incorporation, bylaws, statutes, and state laws.
Question 5: Association operation is governed by bylaws, state laws, and municipal regulations.
Question 6: A condominium or cooperative document, without a vote requirement, necessitates a minimum of two-thirds of eligible voting interests.
Question 7: Alterations to common elements require 75% of voting interests.
Question 8: Community associations are created by developers.
Question 9: Developers must disclose important information about condominiums or cooperatives, including existing rental programs, and any age restrictions, during sales programs.
Question 10: If a mandatory membership cooperative owner doesn't pay assessments, the association can file a lien against the unit and foreclose.