Condo Concepts / Documentation & Registration

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%.

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.

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.

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.

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.

The correct answer is "ALL OF THE ABOVE". The principal purpose of the condominium corporation is to hold title to the land, act as the management body of the condominium project, and ensure that the articles and by-laws of the corporation do not conflict with the master deed. This means that the condominium corporation is responsible for managing the property, maintaining the common areas, and enforcing the rules and regulations outlined in the master deed.

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.

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.

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.

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.