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Real Estate Law Test 3
33-Homeowner's Association
8
Real Estate & Planning
Undergraduate 4
10/30/2009

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Cards

Term
UCIOA x
Definition
Uniform Common Interest Ownership Act: a uniform law that applies to all communities where a unit or homeowner pays a share of the real estate taxes, insurance premiums, maintenance, or improvement expenses related to the development.
Term
Why should unincorporated associations be avoided?
Definition
they cannot defeind lawsuits in its own name...they must act through the members....which means unlimited liabilities to the members
Term

An unincorporated association can hold ownership of land.

T/F X

Definition
False
Term

Membership in the HOA is automatic.

T/F

Definition
True
Term
In what ways does a HOA "act"? X
Definition

 

  1. as an agent of the property owners
  2. as a third-party beneficiary of the covenants in the declaration.
  3. as the assignee of the developer
  4. "convenient instrument by which the property owners may advance their common interests"

 

Term
What determines the powers, functions, title, rights, and duties of the HOA? X
Definition
The declaration, the corporate charter and bylaws, and the state's not-for-profit corporation law
Term
Where may liability fall in a HOA?
Definition

  1. upon the association itself
  2. the officers

Term
What are the stages in transfer of control of common areas? X
Definition

 

  1. Land acquisition and assembly
  2. Rezoning and plat approval
  3. Preparation, execution, and recording of declaration
    1. Up to this point the declaration lacks efficacy because the developer owns all the land
  4. Developer deeds out units
    1. At this stage the HOA is still in control of the developer, but his interest will decrease as sales proceed

 

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