Common interest communities are said to be creatures of this.
What is statute.
100
May restrict things like the landscaping, fencing materials, and color of houses.
What are restrictive covenants or more generally conditions, covenants and restrictions.
100
Patios, decks and walkways are generally classified as this.
What are limited common elements.
100
An analysis of several demographic and economic factors in a local market that determine if a proposed use of real property wold be profitable.
What is a feasibility study.
100
A periodic payment received by a subcontractor for work performed on a construction site.
What is a draw.
200
The three definitions of condominium include: condominium as a type of legal ownership; an individual unit and this.
What is the entire project.
200
Homeowners associations' legal document that describes in detail how a homeowners association is to operate and conduct its business.
What are bylaws.
200
Condominiums created for doctors and accountants, for example, rather than for residential purposes.
What are business condominiums.
200
The physical inspection and evaluation of a proposed building site to determine its suitability for development.
What is site analysis.
200
A claim filed with the clerk of the court by a subcontractor or material supplier in the event they are not paid for work performed or material supplied.
What is a mechanic's lien.
300
A corporation owns the buildings and property and the residents own stock. The corporation leases the units to the shareholders.
What is a cooperative.
300
A demand by the association for monies over and above and owner's regular dues for some emergency or special purpose.
What is a special assessment.
300
The area shared by owners of a condominium.
What are common areas or common elements.
300
A contract in which the seller agrees to keep an offer to sell a property open for a specified period of time and usually for a specific price.
What is an option.
300
The line item on a cash-flow statement indicating the profitability of an income producing real property.
What is net operating income.
400
A special type of zoning that facilitates the development of a mixed use development.
What is a planned unit development.
400
Insurance to protect the homeowners association board members.
What is directors and officers insurance.
400
An interpretation that construes words narrowly.
What is strict construction.
400
A short term loan for the building of a real estate development.
What is a construction loan.
400
The ability to increase the rate of return from an investment by using other people's money.
What is leverage.
500
A legal document that creates a condominium when it is recorded in the office of the register of deeds.
What is a declaration.
500
A rule of evidence that protects officers and directors from liability for decisions made in good faith.
What is the business judgment rule.
500
Advantages of common interest communities includes relatively affordable, amenities, security and this.
What is maintenance.
500
A bond that will pay to complete the project in the event that the contractor fails to complete the project.
What is a performance or completion bond.
500
The money flowing into and out of an investment over time.