Real Estate notes 2024 (37)

Western Governors University **We aren't endorsed by this school
Nov 3, 2023
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Architectural Review Board - Correct Ans - Oversees and upholds the quality and aesthetics of a neighborhood, town, or city The Office of Receiver of Taxes - Correct Ans - Responsible for collecting taxes Building Department - Correct Ans - A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances Deductible - Correct Ans - The amount of expenses that must be paid out of pocket before an insurer will pay any expenses Umbrella Policy - Correct Ans - Insurance policy that covers amount above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. Also called excess insurance Tax Assessor - Correct Ans - Responsible for determining a municipality's tax rate Assessed value - Correct Ans - A valuation placed upon property by a public officer or a board, as a basis for taxation Share in a cooperative Unit - Correct Ans - Considered a proprietary lease and personal property (NOT real property) The Offering Plan - Correct Ans - A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser Board Package - Correct Ans - A series of documents submitted for the review by a cooperative board By-Laws - Correct Ans - The owners rights and obligations for a condominium House Rules - Correct Ans - Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, pets and conflict resolution Condomoinium - Correct Ans - Considered real property, which is conveyed by a deed Maintenance - Correct Ans - Monthly payments by a shareholder to a cooperative corporation Common Charges - Correct Ans - Monthly payment by an owner of condominium Sponsor - Correct Ans - The developer or owner organizing and offering for sale a condominium or cooperative development
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