Level 3 Chapter 4

What is a Condominium?

Deeded ownership of individual unit plus shared common elements.

What does Cooperative ownership imply?

Ownership through shares in a corporation.

What is a Proprietary lease?

Document giving co-op shareholder right to occupy unit.

Define Common elements in property terms.

Areas shared by all owners.

What are Limited common elements?

Common areas reserved for specific owners.

What is a Timeshare estate?

Ownership interest in property for certain time periods.

What is meant by Timeshare use?

Right to use property for set periods without ownership.

What is a Townhouse?

Attached dwelling often owned in fee simple.

What does PUD stand for in property ownership?

Fee simple ownership with HOA/community restrictions.

What is Co-op ownership?

Corporation owns entire property.

How does Condo ownership differ from traditional ownership?

Individual owner receives deed to unit.

What does Maria receive when she buys Unit 5B in a condo?

A deed, ownership of her unit, and shared ownership of hallways/pool.

What rights does James receive when he buys shares in a housing corporation?

Proprietary lease to live in Unit 5B, owning shares, not the actual apartment.

What does a Timeshare Estate allow a family to do?

Buy ownership rights for one week every year forever.

What does Timeshare Use allow a family?

Buy vacation usage rights without ownership interest.

What defines a Limited common element in a condo complex?

Shared parking space reserved ONLY for specific owners.

What is the significance of Space #12 in the condo complex example?

It is a limited common element, reserved for the Unit 12 owner.