Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know (0)
Remaining cards (0)
Know (0)
0:00
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

MA Real Estate

Condominiums, Cooperatives and Time Share

QuestionAnswer
"Piece of the Whole" Ownership - 3 types Condominiums; Cooperatives; Time Shares
Master Deed The deed recorded when a condominium development is created as required by M.G.L. c. 183A.
Unit Deed A deed transferring title of an individual condominium unit form one party to another.
Unit Square Footage The number of square feet of area within an individual condominium unit.
Bylaws As relates to condominiums; the specific procedures for managing and regulating a condominium. Recorded with the Master Deed per M.G.L. c. 183A.
Capital Reserve A reserve fund set up by a condominium management association to collect monies from unit owners on a regular basis to finance future capital improvements.
Common Area In a condominium; all areas not owned as individual units and therefore for the use and ownership of all owners and tenants,
Condo Budget The annual forecase to monies necessary to finance the condominium common expenses
Condo Fee That part of the condominium budge for which the unit owner is responsible (% of common ownership x condo budget = condo fee. Usually computed for monthly payments).
(Condo) Super Lien Allows the condominium association to collect up to 6 months due condo fees if available upon foreclosure; after taxes due but before mortgage liens.
(Condo) Trust/Association The management group of unit owners elected by the unit owners to manage the condominiums busiiness as required by M.G.L. c. 183A.
Condominium An estate in real property in a mulitple unit residential or commercial building consisting of the interest in an individual unit plus an undivided interest along with other unit owners in common areas.
Dockominium Condominium concept applied to boat docks
Elderly Individual 62 years of age or older - used in condominium conversion law in Massachusetts to set special condo conversion protection.
Handicapped Person entitled to housing accomodations due to physical handicap under M.G.L. c. 22. Used in condominium conversion law in Massachusetts to set special condo conversion protection.
Low or Moderate Income Total prior 12 month income of all unit occupants is less than 80% of area median income as set forth by H.U.D. Used in condominium conversion law in Massachusetts to set special condo conversion protection.
Master Insurance Policy Insurance policy covering the overall condominium structure and common area. Names all unit owners and lenders as loss payees. Must be updated to reflect new owner and loss payee when individual unit changes ownership.
M.G.L. c. 183A Massachusetts General Law that regulates the formation, conversion and management of condominiums, both commercial and residential.
Operating Reserve Reserve fund commonly established when new condomonimums were formed (new or conversion). typically 2-3 months condo fee and used to provide initial operating capital for maintenance and repairs.
Percent of Common Ownership In a condominium; the ratio of unit square footage to toal of all unit square footage expressed as a percent. Used to determine unit owner's portion of total condominum budget.
Rules and Regulations When associated with condominiums, refers to guidelines to daily activities that help in harmonius living (parking regulations, use of signs, habachis, tennis courts, swimming pools, etc)
Time Share Form of ownership that allows multiple owners a piece of property each with an undivided interest for a fixed or variable time of year (for example, ownership of week 36).
6(d) Certificate Issued by condominium manangement association documenting the status of any condo fees or special assessment or other charges due by the unit onwer. Must be present at transfer of ownership. M.G.L. c. 183 section 6 (d).
Major Conversion Provisions 1)Filing of Master Deed; 2) tenants given period of time to vacate base on status as elderly, handicapped, low/moderate income or other; 3) tenants given chance to purchase unit at terms equal or better than those offered to general public.
Cooperative A form of ownership where stock purchased ina corporation, partnership or trust entitles the owner to occupancy of one particular unit.
Created by: mkenziemay
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards