Real Estate Quiz

When is a UCC-1 filed to give notice of a loan as opposed to a mortgage...?

• A loan is given to the owner of a single family house

• A loan is given to the owner of a condominium apartment

• A loan is given to the owner of a cooperative apartment

• A loan is given to the owner of a commercial property

A series of documents submitted for the review by a cooperative board is also known as what...?

• By-laws

• Offering Statement

• Recognition Agreement

• Board Package

Andrew owns a cooperative apartment and would like to verify if he is allowed to install a washer/dryer in his unit. Where should Andrew look to find this information...?

• Cooperative House Rules

• Cooperative Offering Plan

• Andrew's Proprietary Lease

• Cooperative By-laws

Mark wants to refinance his cooperative apartment in order to reduce the interest rate on his loan. What will the bank use as collateral for the loan...?

• Personal property owned by Mark

• Mark's stock interest allocated to the apartment

• Real property owned by Mark

• The cooperative building

Which of the following is NOT considered real property?

• Single family home

• Cooperative apartment

• Office building

• Condominium apartment

Insurance premiums for a cooperative building are paid with which of the following?

• The shareholder's monthly maintenance fees

• The shareholder's monthly common charges

• The board members

• Income generated from apartment and retail rentals

John would like to build an additional bathroom in his cooperative apartment. Where should John look to verify if a second bathroom is allowed by the cooperative?

• Cooperative By-laws

• Cooperative House Rules

• Cooperative Offering Plan

• John's Proprietary Lease

Who owns the real estate in a cooperative building?

• The largest shareholder in the cooperative

• The corporation that owns the cooperative

• The management company of the cooperative

• The board members of the cooperative

Which of the following is NOT covered by a cooperative owner's monthly maintenance fees?

• Taxes

• Building repairs

• Employee tips

• Operating Costs

A fee paid by a seller or buyer on a housing co-op transaction is known as what?

• Flip Tax

• Transaction Fee

• Closing Tax

• Referral Fee