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Home Q & A Board Humanities Legal Studies
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broncena broncena
wrote...
Posts: 275
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6 years ago
Describe the disadvantages of co-op and condominium ownership.
 
  What will be an ideal response?


Q. #2

The debtor does not need to file a(n) ________ or initiate any type of court action for the Automatic Stay to take effect.
 
  A) Complaint
  B) Motion
  C) Injunction
  D) Report


Q. #3

What are the benefits of condominium ownership?
 
  What will be an ideal response?


Q. #4

With bankruptcy mediation, nothing binds the parties until they have actually produced a signed
 
  A) Warrant
  B) Statement
  C) Settlement agreement
  D) None of these


Q. #5

What are the benefits of co-op ownership?
 
  What will be an ideal response?


Q. #6

How is the co-op a form of real estate ownership?
 
  What will be an ideal response?


Q. #7

BAPCPA also places greater responsibility on bankruptcy attorneys to vouch for representations made by their clients with regard to their debts.
 
  Indicate whether the statement is true or false
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Replies
wrote...
#1
6 years ago
(Answer to Q. 1)  In both forms of ownership, the costs of maintenance may be higher than anticipated. Management of the property is left in the hands of a homeowner's association or the co-op instead of the individual owners.

(Answer to Q. 2)  B

(Answer to Q. 3)  The benefits of condominium ownership include the benefits of home ownership and sharing the costs of expenses and upkeep with other condominium owners. Condominium owners may also participate in the management of the condominium.

(Answer to Q. 4)  C

(Answer to Q. 5)  By spreading the cost of acquiring and maintaining real estate over a group of individual, co-op allow more individuals an affordable means of owning real estate. The common thread is that there is a common ownership interest with shared expenses. Co-ops can also be converted to specific purpose real estate ownership such as specialized housing for students, the elderly, and small businesses.

(Answer to Q. 6)  In a co-op, the real estate is owned by a corporation. Individuals purchase stock in the corporation. Stock ownership includes the right to use and occupy a portion of the real estate owned by the corporation and resulting in a form of real estate ownership.

(Answer to Q. 7)  TRUE
broncena Author
wrote...
#2
6 years ago
Great answers! <3
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