Section 6 - Chapter 3

Question 1

a cooperative is:

Answer 1

similar to condo, but owners buy shares of stock of the building/corporation.

Question 2

planned unit developments:

Answer 2

planned under special zoning, don’t own common areas, fees to maintain common areas

Question 3

mixed-use; highrise

Answer 3

combine stores, residential, gym, etc in one building

Question 4

“piti”

Answer 4

principal, interest, taxes, insurance

Question 5

“basic form”

Answer 5

common property coverage insurance

Question 6

coinsurance clause

Answer 6

usually requires pople to have insurance equal to about 80% of replacement cost of dwelling