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Condominium Prelim Exam

The document contains a condominium preliminary exam with multiple choice and short answer questions. It tests understanding of key condominium concepts like the different types of condominiums, advantages of condo living, definitions of common condominium terms, and rights and obligations of unit owners.

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Abu Ragnar
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25 views2 pages

Condominium Prelim Exam

The document contains a condominium preliminary exam with multiple choice and short answer questions. It tests understanding of key condominium concepts like the different types of condominiums, advantages of condo living, definitions of common condominium terms, and rights and obligations of unit owners.

Uploaded by

Abu Ragnar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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CONDOMINIUM PRELIM EXAM

Read each question carefully.


Use WORD, Font: Arial, Size: 12
Type your name in block letters on the upper left side ( LAST NAME, FIRST
NAME) with your SECTION NAME below it.
Each student must EMAIL the answers (in WORD or PDf) ON or BEFORE 8:00 pm
to enovaljosie@gmail.com with the subject: CONDOMINIUM PRELIM EXAM.

PACASUM, PRINCE MUADDIB MIKUNUG


SECTION B

1. What are the two types of condominium? Briefly explain each. (10 pts)
= Condominiums are classified into two types: freehold and leasehold. With
freehold condominiums, the tenant owns the unit outright. Leasehold
condominiums require tenants to enter into contracts with their landlord
rather than own the unit.
2. Give 4 advantages of acquiring/living in a condominium. Briefly explain each (20
pts)
= One major advantage of condo living is that condo buildings are typically found
in or around downtown areas, so residents have great access to nearby
entertainment and business districts. This means living within walking distance of
employers, restaurants and bars, public transit, major attractions, and tons of
events
3. Definition of Terms. (5 pts each)

a. Condominium- A condominium, or condo, is an individually owned residential unit


in a complex or building of like units. Condo owners own their units but share
common spaces, amenities, and other resources. They pay condo fees, which
cover maintenance costs, amenities, and the upkeep of common spaces.
b. Condominium Project- - Condominium Project means a real estate condominium
project; a plan or project whereby two or more units, whether contained in
existing or proposed apartments, commercial or industrial buildings or structures,
or otherwise, are separately offered or proposed to be offered for sale.
c. Common Areas- Any spaces that are open to all who live in the building or
project are common areas. Examples include parking lots, play areas, elevator
lobbies, gardens, and common storage spaces.
d. Condominium Unit- Condominiums are a type of property with multiple units.
These units are divided and sold individually. Unlike a single-family home,
condos are for partial ownership.
e. Master Deed- is the legal instrument on the basis of which the legal title to the
property is transferred and by which the condominium is created. Master deed as
defined by John W. Reilly is 'the principal conveyance document used by the
owners of land on which condominiums are located.
f. Deed of Restriction- A deed restriction is a legal agreement between two or more
parties that limits the use of real property. There are different types of deed
restrictions but the most common is known as a restrictive covenant.
g. Articles of Incorporation- Articles of incorporation are a set of formal documents
filed with a government body to legally document the creation of a corporation.
Articles of incorporation generally contain pertinent information such as the firm's
name, street address, agent for service of process, and the amount and type of
stock to be issued.
h. Rules & Regulations- Regulations and rules are pretty close to the same thing. A
regulation is a bit more formal than a rule – it prescribes the required conduct or
action exactly; Rules are also binding, but, by contrast, describe what is generally
considered to be the proper course of conduct.
i. Enumerate 6 rights and 6 obligations of unit owners. (30 pts)

1. Right of absolute ownership over his unit


2. Right of exclusive easement of the space of his unit
3. Right to repair, paint, decorate the interior of his unit
4. Right to sell, mortgage, or lease his unit Right of co-ownership of land and
common areas
5. Right of non-exclusive easement to common areas for ingress or egress;
6. Right to participate and vote in condominium corporation meetings

1. Make sure that the property is fit for use when delivered to the lessee
2. Make all the repairs to the property
3. Keep to keep a peaceful environment for the lessee
4.They have the right to engage in the same business as the lessee unless an
agreement was established preventing the lessor from doing so. 
5. Paying Condo Association Dues on Time
6. Settling Payments for Your Condo Utilities

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