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Multiple Choice Quiz
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1
Timeshares are regulated by federal laws.
A)True
B)False
2
Laws that govern condominium ownership are both statutory and contractual in nature.
A)True
B)False
3
The most important document in the creation of a condominium is the condominium declaration.
A)True
B)False
4
A cooperative owner is a tenant under a short-term lease.
A)True
B)False
5
Taxes on individual condominium units are paid by the individual unit owners.
A)True
B)False
6
Cooperatives are owned by the shareholder.
A)True
B)False
7
Condominiums did not exist under _________ law.
A)common
B)criminal
C)civil
D)judicial
8
The purchaser of a timeshare is entitled to a full ___________ of the operation of the timeshare.
A)hearing
B)marketing plan
C)disclosure
D)plat
9
Property ownership that enables the owner to have intermittent use of the property at specified periods of time during the year is known as ___________.
A)personal property
B)condominium
C)timeshare
D)cooperative
10
Timeshares are regulated by ___________ laws.
A)state
B)federal
C)local
D)municipal





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