CAM Quiz Unit 4 PDF

## UNIT 4 QUIZ 1. What type of covenant "runs with the land"? - Restrictive covenants - Nonrestrictive covenants - Open covenants - Endless covenants 2. What is the term for a document that establishes the formal regulations for all the property in the residential community? -...

## UNIT 4 QUIZ 1. What type of covenant "runs with the land"? - Restrictive covenants - Nonrestrictive covenants - Open covenants - Endless covenants 2. What is the term for a document that establishes the formal regulations for all the property in the residential community? - Declaration of covenants and restrictions - Declaration of time-share - Declaration of cooperation - None of these 3. Which MUST be included in a valid declaration of condominium? - Legal description of the land - Unit owners' membership and voting rights - Bylaws - All of these 4. What establishes the entity responsible for the maintenance, management, and operation of the community property? - Articles of incorporation - Bylaws - Statutes - State law 5. What governs the actual operation of the association? - Bylaws - State laws - Municipal regulations - None of these 6. If no vote requirement is included in condominium and cooperative documents, no less than _ of all eligible voting interests are required. - one-quarter - one-third - two-thirds - one-half 7. 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? - 50% - 66% - 75% - 80% 8. Who creates the community association? - Developer - Unit owner - The municipality - The state 9. What is the developer obligated to disclose at the time the sales program begins? - The most important information about the condominium or cooperative - Any existing rental programs - Any age restrictions - All of these 10. What happens if a condominium or cooperative owner in a mandatory membership association does not pay unit assessments? - The owner will go before the board who may impose fines. - The association may file a lien against and foreclose on the unit. - The owner will not be allowed to enter the unit until the payment is made, effective immediately. - None of these.