CCS Real Estate Law & Regulations 2

Question 1

Under the Interstate Land Sales Full Disclosure Act (ILSFDA), how many lots must a subdivision have before federal registration is typically required?

Accepted Answer

50 or more lots

Answer

ILSFDA generally applies to developers selling or leasing 50 or more lots in a subdivision across state lines.

Question 2

A condominium unit owner wants to make structural modifications to their unit. Under typical state condominium statutes, whose approval is required?

Accepted Answer

The condominium association or board of directors

Answer

Structural modifications that may affect common elements or structural integrity typically require association or board approval under most state condo statutes.

Question 3

Which federal law prohibits discrimination in the sale or rental of housing based on race, color, national origin, religion, sex, familial status, or disability?

Accepted Answer

The Fair Housing Act of 1968

Answer

The Fair Housing Act of 1968 (Title VIII of the Civil Rights Act) prohibits housing discrimination based on seven protected classes.

Question 4

In a condominium conversion, what document must typically be provided to existing tenants first, giving them the right to purchase their unit before it is offered to the general public?

Accepted Answer

A right of first refusal notice

Answer

Many state laws require landlords converting rentals to condominiums to give existing tenants a right of first refusal to purchase their unit.

Question 5

What is the legal term for the body of law that governs the rights and duties of condominium owners and associations, typically codified by each state?

Accepted Answer

Condominium Act or Horizontal Property Act

Answer

States have enacted Condominium Acts (sometimes called Horizontal Property Acts) that set the statutory framework for condo governance.

(CCS) Certified Condominium Specialist Practice Test

(CCS) Certified Condominium Specialist Practice Test

CCS Real Estate Law & Regulations 2