CONNECTICUT REAL ESTATE UNIT 4
FORMS OF REAL ESTATE OWNERSHIP
EXAM Q&A
Creating Declaration Common Interest Communities - ANSWER-(1) Name of the
common interest community and the community association
(2) A statement that the common interest community is condo, coop, or planned
community
(3) Name of every town in which any part of the common interest community is
located
(4) A legally sufficient description of the real property included in the community
(5) A statement of the maximum number of units that the owner/developer reserves
the right to create
(6) For a condo or planned community, a description of the boundaries of each unit
including an identifying number
(7) The interests allocated to each unit
(8) A description of any limited common element
(9) A description of any development rights
(10) Any restrictions on use, occupancy, and alienation of the units
(11) The recorsing date for any easements and/or appurtenances
Public Offering Statement - ANSWER-A disclosure statement prepared by a
developer that contains all material facts about a property offered for sale and that
must be provided to a prospective purchaser in accordance with applicable state or
federal law.
Provides purchasers with full disclosures regarding the common interest community.
Must be provided no later than the date of contract of sale. A purchaser, before
conveyance, may cancel a contract of sale within 15 days after both executing it and
receiving the public offering statement
Resale Disclosure Documents - ANSWER-(1) The declaration the created the
community
(2) The current association bylaws, rules, and regulations
(3) A resale certificate prepared by the association
Right to Cancel - ANSWER-Before conveyance, buyers have a right to cancel a
purchase contract until five business days after the resale documents have been
delivered to the buyer or buyer's attorney (or 7 days after they are sent by certified
mail)
Maximum fee for an association to charge for preparation of the resale certificate? -
ANSWER-$125
Common Interest Ownership Act - ANSWER-Prohibits municipalities from banning
the conversion of buildings to condos and other types of common interest housing.
FORMS OF REAL ESTATE OWNERSHIP
EXAM Q&A
Creating Declaration Common Interest Communities - ANSWER-(1) Name of the
common interest community and the community association
(2) A statement that the common interest community is condo, coop, or planned
community
(3) Name of every town in which any part of the common interest community is
located
(4) A legally sufficient description of the real property included in the community
(5) A statement of the maximum number of units that the owner/developer reserves
the right to create
(6) For a condo or planned community, a description of the boundaries of each unit
including an identifying number
(7) The interests allocated to each unit
(8) A description of any limited common element
(9) A description of any development rights
(10) Any restrictions on use, occupancy, and alienation of the units
(11) The recorsing date for any easements and/or appurtenances
Public Offering Statement - ANSWER-A disclosure statement prepared by a
developer that contains all material facts about a property offered for sale and that
must be provided to a prospective purchaser in accordance with applicable state or
federal law.
Provides purchasers with full disclosures regarding the common interest community.
Must be provided no later than the date of contract of sale. A purchaser, before
conveyance, may cancel a contract of sale within 15 days after both executing it and
receiving the public offering statement
Resale Disclosure Documents - ANSWER-(1) The declaration the created the
community
(2) The current association bylaws, rules, and regulations
(3) A resale certificate prepared by the association
Right to Cancel - ANSWER-Before conveyance, buyers have a right to cancel a
purchase contract until five business days after the resale documents have been
delivered to the buyer or buyer's attorney (or 7 days after they are sent by certified
mail)
Maximum fee for an association to charge for preparation of the resale certificate? -
ANSWER-$125
Common Interest Ownership Act - ANSWER-Prohibits municipalities from banning
the conversion of buildings to condos and other types of common interest housing.
