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CHAPTER 18 - SHORT-ANSWER QUESTIONS

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?

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;

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Transcription of 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?

2 " _____. 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. 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 _____.

3 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. _____; 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.

4 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.

5 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.

6 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. 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.

7 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. 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.

8 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.

9 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)


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