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F - Chapter 6
Condominiums, Cooperatives, Time-Shares and Real Estate Investments
| Question | Answer |
|---|---|
| common elements | the parts of the development property that are necessary or convenient for the residents of a condo and are owned in common by all the condo residents (page 104) |
| condominium | the fee simple ownership of one unit in a multiple unit structure, combined with an ownership of an undivided interest in the land and all other parts of the structure held in common with the owners of the other individual units in the structure (page 101 |
| condominium association | the organization stipulated by statute to administer the operation of the common elements of the condominium (page 105) |
| cooperative | a form of ownership in which the land and buildings are (usually)owned by a corporation; individual unit residents own stock in the corporation and have a proprietary lease in a specific unit or apartment (page 108) |
| declaration | a document required by state law, which must accompany and be recorded with the master deed for the condominium development (page 102) |
| individual unit deed | the deed for each individual condo unit in the development (page 104) |
| intrastate offering | an exemption from registration under federal securities law where the offering is made solely to residents of the state by a resident offeror doing business in the same state (page 118) |
| investment contract | if a condo provides rental for time the buyer is not using it, then the purchase is considered an investment and SEC regulations apply (page 115) |
| private offering | an exemption from registration under federal securities law for offerings made to knowledgeable investors who have adequate information to evaluate fully the risks in the transaction (page 118) |
| prospectus | a written document containing all the information necessary for an investor to make an independent and intelligent decision regarding a securities offering (page 119) |
| real estate investment trust | REIT - a tax shelter that exempts certain qualified real estate investment syndications from corporate taxes where 90 percent or more of the ordinary income is distributed annually to the beneficiaries or investors, and other income and asset tests are me |
| real estate securities | any arrangement whereby a person invests money in a common enterprise involving real estate with the expectation of attaining profits from the efforts of a promoter or some other third party (page 114) |
| rules and regulations | adopted by condo board of directors to complement and add specificity to the bylaws (page 103) |
| time-shares | a popular marketing device for resort developments including different types of ownership (page 113) |
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