How much do you know about condominiums? Can you answer the following True/False questions? You may have to explain these concepts to clients.
|1. An agreement to purchase a brand new condominium unit from a builder can be rescinded within 10 days of receiving a disclosure statement and receiving an executed copy of an Agreement of Purchase and Sale, whichever is the later.
|2. During interim occupancy, the buyer of a condominium unit will have to pay a monthly occupancy fee that includes the monthly interest on the purchase price and the projected monthly common expense contribution.
|3. The money in a reserve fund can be used to pay for major repairs and replacement of common elements.
|4. Condominium bylaws can be amended by a vote of at least 33% of unit holders in a condominium.
|5. Condominium unit owners usually need the approval from the Board of Directors for a major renovation to their apartment.
If you could not answer all of these questions, consider enrolling in Condominiums – What Every Good Salesperson Should Know, one of 26 online continuing education courses offered by OREA Real Estate College. This course is divided into four modules:
Module 1: Buying a Condominium will cover the following:
- what to look for during a physical inspection of the condominium
- maintenance fees – what they include and how they compare to fees in comparable buildings
- impact on appeal and value of exposure, views, and floor levels
- offers on new condominiums
- Condominium Conversions and the Warranty Programs
- financial condition of a condominium
- special assessments and its impact on value
- Agreements of Purchase and Sale and Status Certificates
- dealing with parking and lockers in an Agreement of Purchase and Sale
Module 2: Condominium Valuation, will cover the following:
- how to measure the impact on value of units on different in floor levels and exposure
- how to measure the impact on value of special assessments
- when and how units of comparison should be used in valuation
- what makes a sale a good comparable for use in valuing a condominium unit
- how to handle situations where there are no good comparable sales
Module 3: Living in a Condominium, will cover the following:
- bylaws and house rules – what they are and their impact
- common elements and units – what an owner can or cannot do, and who is responsible for what
- common problems that can affect unit holders
- condominium boards – what they do and who can be a director
- Annual General Meetings
- the role of the property manager
Module 4: Selling or Renting the Condominium, will cover the following:
- issues specific to a condominium regarding completing the listing
- limitations the condominium may place on marketing
- how to gauge the appeal and marketability of the condominium building
- issues that apply specifically to leasing in a condominium building
Celebrating OREA’s 90th Birthday
The College is offering a free nine-credit bundle of CE online courses in celebration of OREA’s 90th birthday. This offer is available until December 31, 2012, and courses must be completed by December 31, 2013. For more information, go to http://www.orea.com/cepromo?utm_source=leftcallout&utm_medium=image&utm_campaign=cepromotime.