7.5 FA HW Condominium Ownership Quiz

What is a condominium?

• A form of home ownership where each unit is individually owned and the common parts of the property are jointly owned.

• A rental property where tenants are responsible for property taxes and mortgage interest.

• A single-family dwelling not associated with any maintenance fees.

• A type of cooperative where members share equal equity.

Which of the following is a responsibility of condominium owners?

• They are responsible for mowing lawns and shoveling snow.

• They must deduct property taxes or mortgage interest on their income tax.

• They can make a profit from the sale of their homes.

• They are responsible for the maintenance of common areas.

What is one of the advantages of renting an apartment mentioned in the text?

• Tenants are responsible for mowing lawns and shoveling snow.

• Tenants can deduct property taxes or mortgage interest on their income tax.

• Tenants are not responsible for maintenance chores.

• Tenants can make a profit from the sale of the apartment they occupy.

What is a co-op apartment or cooperative?

• A type of home where the owner owns both the home and the land on which the home is built.

• A corporation that owns a group of apartments, and individuals can purchase shares to occupy them.

• A type of home maintenance service.

• A financial institution that provides loans for home buying.

Who is responsible for the maintenance of the inside of their own units in a condominium?

• The board of directors.

• The homeowners association.

• The condominium owners themselves.

• The cooperative corporation.

What does the board of directors elected by the homeowners usually manage in condominiums and cooperatives?

• The daily chores of the residents.

• The personal finances of the homeowners.

• The common areas and amenities within the building or complex.

• The sales and marketing of the units.

If Burt's monthly condominium maintenance fee is $912 and 15% of this fee is tax deductible for property tax purposes, how much did Burt pay last year in property taxes on his condo?

• $1,641.60

• $1,368.00

• $136.80

• $912.00

What percentage of the Seaford Cove Cooperative does Janet own?

• 1.1%

• 5.5%

• 10%

• 0.55%

The Glen Oaks Village Co-op is represented by s shares. Sage owns r shares. Which of the following expressions represents the percent of shares Sage owns algebraically?

• r/s

• s/r

• r * 100/s

• s * 100/r

If Gary signs a contract for a monthly rent of $800 and the annual rate of increase is 2%, what would be the rent paid in the first year?

• $9,600

• $9,792

• $9,504

• $9,700