Choose the One Most Appropriate Answer for Each

question 20

Multiple Choice

Choose the one most appropriate answer for each.
-individual ownership of a space of air plus undivided ownership of the common elements

• A)annual meeting
• B)board of directors
• C)bylaws
• D)covenants, conditions, and restrictions (CC&Rs)
• E)common elements
• F)condominium
• G)condominium act
• H)condominium subdivision
• I)cooperative
• J)cooperator
• K)house rules
• L)maintenance fees
• M)management company
• N)owner's association
• O)proprietary lease
• P)planned unit development (PUD)
• Q)reserves
• R)resort timeshare
• S)right-to-use
• T)separate property

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Definitions:

Option

A separate promise to keep an offer open for a period of time.

Verbal Offer

An offer made orally, rather than in written form, in the context of negotiations or agreements.

Binding Contract

An agreement between two or more parties that is legally enforceable and subject to legal remedies or damages in case of breach.

Separate Business

An entity or operation that functions independently from any other business interests held by the owners.