Real Estate Law & Regulations Flashcards
7 cards from real CCS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Real Estate Law & Regulations flashcards as text
A condominium association wishes to amend its declaration to prohibit short-term rentals. Under most state statutes, what vote threshold is typically required?
Answer: A supermajority of unit owners (typically 67-80%)
Declaration amendments typically require a supermajority vote of unit owners (commonly 2/3 to 4/5) as set forth in the declaration or applicable statute.
Under the Americans with Disabilities Act, which common areas of a condominium complex are most clearly required to be accessible?
Answer: Public accommodations open to the general public, such as a rental event space
The ADA's Title III applies to public accommodations; condo common areas open to the general public must meet accessibility standards.
What document evidences a purchaser's ownership interest in a condominium unit and is recorded in the public land records?
Answer: A deed conveying the unit
A deed is the legal instrument that transfers and evidences ownership of a condominium unit, recorded in county land records.
A developer selling condominium units in a new project must provide a public offering statement (POS) to buyers. When must this be delivered under most state laws?
Answer: Before the buyer signs a purchase contract or as part of the contract package
Most state condo statutes require the POS to be delivered before or at contract signing, giving buyers a meaningful opportunity to review it.
Which legal doctrine holds that a condominium association's recorded declaration is binding on all current and future unit owners, even if they did not sign it?
Answer: Running with the land (covenant running with the land)
Covenants that run with the land bind all subsequent owners because they are recorded and attached to the property itself, not just the original parties.
A unit owner claims their First Amendment rights are violated by an association rule prohibiting political signs in windows. In a private condominium, this claim would most likely:
Answer: Fail, because the First Amendment restricts government action, not private association rules
The First Amendment constrains government action, not private entities like condominium associations, so sign restrictions in private condos are generally enforceable.
Under the Truth in Lending Act (TILA) and Regulation Z, what is the right of rescission, and how long does it typically last for a refinance of a primary residence?
Answer: The right to cancel the loan; 3 business days
TILA grants borrowers a 3-business-day right to rescind a refinance secured by their primary residence after receiving required disclosures.