OREA Real Estate College

Condominiums – What Every Good Salesperson Should Know

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 An agreement to purchase a brand new condominium unit from a builder can be rescinded within 10 days of receiving a disclosure statement and receiving an executed copy of an Agreement of Purchase and Sale, whichever is the later. True False
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.  True  False
3. The money in a reserve fund can be used to pay for major repairs and replacement of common elements.  True  False
4. Condominium bylaws can be amended by a vote of at least 33% of unit holders in a condominium.  True  False
5. Condominium unit owners usually need the approval from the Board of Directors for a major renovation to their apartment.  True  False


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:



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