Condo Concepts / Documentation & Registration
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PRINCIPAL PURPOSE OF THE CONDOMINIUM CORPORATION:
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TO HOLD TITLE TO THE LAND
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TO ACT AS MANAGEMENT BODY OF THE CONDOMINIUM PROJECT
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TO ENSURE THAT THE ARTICLES AND BY-LAWS OF THE CONDOMINIUM CORPORATION SHALL NOT CONFLICT WITH THE MASTER DEED
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ALL OF THE ABOVE
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This quiz focuses on the key concepts, documentation, and registration processes involved in condominium management. It tests knowledge on the purpose of condominium corporations, calculation of ownership interest, legal requirements for building plans, and rights of unit owners. Essential for those in real estate and property management.
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- 2.
THE INTEREST BASED ON THE FLOOR AREA OF OWNERSHIP IS ARRIVED AT BY:
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MULTIPLYING THE UNIT AREA BY THE TOTAL AREA OF ALL THE CONDOMINIUM UNITS
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DIVIDING THE UNIT AREA BY THE TOTAL AREA OF ALL THE CONDOMINIUM UNITS
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SUBTRACTING THE UNIT AREA BY THE TOTAL AREA OF ALL THE CONDOMINIUM UNITS
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NONE OF THE ABOVE
Correct Answer
A. DIVIDING THE UNIT AREA BY THE TOTAL AREA OF ALL THE CONDOMINIUM UNITSExplanation
The correct answer is dividing the unit area by the total area of all the condominium units. This is because when calculating the interest based on the floor area of ownership, you need to determine the proportion of the unit area compared to the total area of all the condominium units. Dividing the unit area by the total area gives you this proportion, allowing you to calculate the interest accurately.Rate this question:
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- 3.
BUILDING PLANS ARE SUBMITTED TO ASSESSOR'S OFFICE TO OBTAIN:
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TAX DECLARATION
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TITLE
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SURVEY MAP
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TAX CLEARANCE
Correct Answer
A. TAX DECLARATIONExplanation
Building plans are submitted to the assessor's office in order to obtain a tax declaration. This is because the assessor's office is responsible for assessing the value of properties for tax purposes. By submitting the building plans, the assessor can determine the value of the property and issue a tax declaration accordingly. This declaration is important for the property owner as it determines the amount of taxes they will be required to pay based on the assessed value of their property.Rate this question:
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- 4.
AMENDMENT OR REVOCATION OF MASTER DEED ALREADY DECIDED BY A MAJORITY OF ALL REGISTERED OWNERS SHALL BE SUBMITTED TO ________________ FOR APPROVAL BEFORE IT CAN BE REGISTERED:
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HLURB
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HLURB AND CITY/MUNICIPAL ENGINEER
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CITY/MUNICIPAL ENGINEER
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REGISTRY OF DEEDS
Correct Answer
A. REGISTRY OF DEEDSExplanation
The correct answer is "REGISTRY OF DEEDS". In the context of property ownership and management, the registry of deeds is responsible for maintaining records of property ownership and transactions. Therefore, any amendment or revocation of a master deed, which is a legal document that governs the ownership and management of a condominium or subdivision, must be submitted to the registry of deeds for approval before it can be officially registered. This ensures that all changes to the master deed are properly recorded and legally binding.Rate this question:
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- 5.
CONDOMINIUM UNIT OWNER HAS NO RIGHT TO SELL, LEASE OR MORTGAGE HIS/HER UNIT
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TRUE
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FALSE
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CASE TO CASE
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NONE OF THE ABOVE
Correct Answer
A. FALSEExplanation
The statement is false because a condominium unit owner does have the right to sell, lease, or mortgage his/her unit. As the owner of the unit, they have the legal authority to transfer ownership or enter into contractual agreements for leasing or mortgaging the unit. However, there may be certain restrictions or regulations imposed by the condominium association or governing documents that need to be followed.Rate this question:
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- 6.
IS A SPACE ENCOMPASSED BY THE INTERIOR SURFACE OF THE FLOOR, CALLING WALLS AND EXTERIOR DOORS AND WINDOWS WHICH IS SUSCEPTIBLE OF INDEPENDENT USE AND OWNERSHIP:
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PARKING AREA
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COMMON AREA
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HALLWAY
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CONDOMINIUM UNIT
Correct Answer
A. CONDOMINIUM UNITExplanation
A condominium unit refers to a space that is enclosed by the interior surface of the floor, walls, exterior doors, and windows. It is a separate and independent area that can be owned and used by an individual. This means that the space can be privately owned and the owner has exclusive rights to use and control it. The other options, such as parking area, common area, and hallway, do not meet the criteria of being a space that is susceptible to independent use and ownership.Rate this question:
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- 7.
REFER TO THE WEIGHT BEARING STRUCTURE, SERVICE AREAS, UTILITIES, FACILITIES, AND AMENITIES:
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PARKING AREA
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COMMON AREA
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HALLWAY
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CONDOMINIUM UNIT
Correct Answer
A. COMMON AREAExplanation
The correct answer is "COMMON AREA" because it refers to a shared space within a building or complex that is accessible to all residents or tenants. Common areas typically include spaces such as lobbies, corridors, staircases, elevators, and recreational facilities. These areas are maintained by the building management and are used by all occupants for various purposes.Rate this question:
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- 8.
PERCENTAGE OF OWNERSHIP OF ALIEN LEGALLY ALLOWED IN THE CONDOMINIUM CONCEPT:
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40%
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45%
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30%
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20%
Correct Answer
A. 40%Explanation
The correct answer is 40%. In the condominium concept, there are legal restrictions on the percentage of ownership that can be held by aliens. This means that aliens are only allowed to own up to a certain percentage of the condominium units. In this case, the maximum percentage of ownership that is legally allowed for aliens is 40%.Rate this question:
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- 9.
ADVANTAGES OF THE CONDOMINIUM CONCEPT:
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MULTIPLIES SALEABLE OR RENTABLE FLOOR AREAS BY AS MANY STOREYS BUILT
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FACILITIES, UTILITIES, AMENITIES AND SERVICES WILL COST LESS TO BUILD AND MAINTAIN
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ECONOMY IN LAND SPACE
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ALL OF THE ABOVE
Correct Answer
A. ALL OF THE ABOVEExplanation
The correct answer is "ALL OF THE ABOVE". The advantages of the condominium concept include multiplying saleable or rentable floor areas by as many storeys built, reducing the cost of building and maintaining facilities, utilities, amenities, and services, and achieving economy in land space.Rate this question:
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- 10.
THE MASTER DEED IS REGISTERED WITH:
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ASSESSOR'S OFFICE
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BIR
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REGISTRY OF DEEDS
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HLURB
Correct Answer
A. ASSESSOR'S OFFICEExplanation
The master deed is registered with the Assessor's Office. This is the office responsible for assessing and determining the value of properties for taxation purposes. Registering the master deed with the Assessor's Office ensures that the property is properly assessed and taxed according to its value.Rate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
Feb 21, 2013Quiz Created by
Zaldyt
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