Reca Fundamentals Of Real Estate Unit 10 Study Guide Graded A+

HOA {Ans: Home Owners Association, isn't a condo funds maintenance of features or amenities that will not be funded or maintained by the municipality}2 types of insurance required under condo corp property act {Ans: Liability, and insurance against perils}duties preformed by management {Ans: communicate with board of directors on issues, maintain current and accurate records of unit owners, care for common property, prep annual budget, enforce bylaws, supervise staff, Deal with emergency situations}phased condo {Ans: statement indicating that the building or land is to be developed, max and min # of units, description of units, effects on owners rent for admin expenses and condo corp budget if future phases are not complete}bare land condo plans {Ans: units are parcels of land, the boundaries are defined by with and depth of of each parcel and are identified using survey monuments}Audits {Ans: ensure that the financial statements are reasonably accurate representation of the condo corps financial position}