CHAPTER 18 - SHORT-ANSWER QUESTIONS

1 1 CHAPTER 18 - SHORT-ANSWER QUESTIONS 1. "Commission" means the _____ Commission. 2. "Developer" means any individual or other _____ which owns, promotes, sells or leases a subdivision . 3. A subdivision is any division of real property intended for _____ use, that is divided into _____ or more interests. The following types of property are also included in the definition of subdivision : a. _____; b. _____; c. _____. 4. The term " subdivision " does not include the following four categories: a. _____; b. _____; c. _____; d. _____. 5. Are timeshares included in the definition of " subdivision ?" _____. 6. A _____ shall register with the Commission before selling or offering any part of a subdivision . 7. The registration shall include information concerning both the _____, and the _____. ( QUESTIONS 7 11 are supplementary, and contain additional information not in the text.)

2 They are included merely for the benefit of the student.) 8. For violations of this registration act, the Commission may take the following actions: a. _____; b. _____; c. _____; d. _____. 9. Failure to register as a subdivider is a Class 6 _____, and is punishable accordingly. Also, any contract pertaining to the subdivision is _____. 10. Estates above the land may be created in either _____ or _____and are to be deemed estates and interests in land. 11. All of the rights and privileges pertaining to estates and _____ in land shall pertain to areas above the surface of the ground. 12. Divisions of land, which create parcels of _____ acres or more, are exempt from subdivision registration. 13. The Colorado Land Use Commission consists of _____ members appointed by the _____. 14. List the 5 purposes of the Colorado Common Interest Ownership Act: a.

3 _____; b. _____; c. _____; d. _____; e. _____. MacIntosh Real Estate SchoolColorado Course - CHAPTER 18 Copyright 2018 - All Rights Reserved1 Colorado Contracts & Regs (48 credit hrs)2 CHAPTER 18 - QUIZ 1. A subdivision includes which of the following: a. Any real property divided into 20 or more units intended for commercial use; b. Any real property divided into 20 or more units not intended for commercial or industrial use; c. Any real property divided into 20 or more units whether intended for commercial or residential use; d. Any real property divided into ten or more units. 2. The term subdivision includes all of the following, except: a. The selling of memberships in campgrounds; b. Conversion of existing structure into 20 or more common interest communities; c. Group of 20 or more time shares for residential use; d. A group of 20 or more proprietary leases in a cooperative housing corporation.

4 3. The application for registration of a subdivision shall include all of the following, except: a. Copies of all documents evidencing title in the subdivision ; b. Copies of the contract forms prepared by the subdivider; c. The name of each subdivision and the trade, corporate, or partnership name used by the developer; d. A true statement by the developer concerning the existence of any homeowner's association. 4. The Commission may for an offense against the subdivision laws, do any of the following, except: a. Levy an administrative fine of $3, ; b. Issue a letter of admonition; c. Place the registrant on probation; d. Suspend, revoke, refuse the registration of any subdivider. 5. The subdivider shall disclose to the public in the sales contract or in a separate written contract, which of the following: a. Name and address of the developer; b.

5 The type of ownership being offered; c. A statement that a title insurance policy will be delivered within sixty days of closing; d. All of the above. 6. A condominium declaration shall contain all of the following, except: a. The name of the condominium property; b. A description of the real estate contained in the condominium property; c. A statement of the minimum number of condominium units that may be created by the subdivision ; d. A description of all general common elements. MacIntosh Real Estate SchoolColorado Course - CHAPTER 18 Copyright 2018 - All Rights Reserved2 Colorado Contracts & Regs (48 credit hrs)3 7. Which of the following is true of time share ownership? a. Each time share unit constitutes an interest in real estate; b. Each time share owner is liable to the owner's association for assessments and property taxes; c. Both of the above; d.

6 None of the above. 8. In the creation of common interest communities, which of the following are true? a. The community can only be created by recording a declaration; b. The declaration must be recorded in every county where any portion of the common interest community is located; c. Both of the above; d. Neither a nor b. 9. Which of the following are true of the termination of a common interest community? a. Termination of the community takes at least a two thirds vote; b. The termination agreement must be evidenced in the same manner as a deed; c. The termination agreement must be recorded in every county where a portion of the community is situated; d. All of the above. 10. What is the purpose of the Colorado Common Interest Ownership Act? a. To bring together people who share a common interest in forms of property ownership; b. To provide assistance to lower-income homeowners who cannot afford to pay their HOA dues; c.

7 To establish a comprehensive framework for operation of common interest communities; d. To enforce the rules of the Real Estate Commission regarding formation and registration of common interest communities. MacIntosh Real Estate SchoolColorado Course - CHAPTER 18 Copyright 2018 - All Rights Reserved3 Colorado Contracts & Regs (48 credit hrs) MacIntosh Real Estate SchoolColorado Course - CHAPTER 18 Copyright 2018 - All Rights Reserved4 Colorado Contracts & Regs (48 credit hrs)