Lesson_16 - Printable Lesson Materials Print these...

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Printable Lesson Materials 13218 NE 20th Street Bellevue, WA 98005 425-747-7272 800-221-9347 www.rockwellinstitute.com Print these materials as a study guide This portion of your printable materials consists of dozens of frames that summarize the content in this lesson. The frames are arranged on the page to make it easy for you to study the material and add your own notes from your textbook or the online course. Graphic Summaries Many students learn best from sets of questions, and this multiple choice quiz allows you to focus your review of the material to important topics. Quizzes These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two parts: graphic summaries of the content and a multiple choice quiz . © 2009 Rockwell Institute
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1 California Real Estate Law © Copyright 2007 Rockwel Publishing, Inc. Lesson 16: Common Interest Developments © Copyright 2007 Rockwel Publishing, Inc. Introduction This lesson will discuss: l types of common interest developments l subdivision laws l homeowners associations © Copyright 2007 Rockwel Publishing, Inc. Common Interest Developments Standard subdivision : typically a group of traditional homes built more or less simultaneously by a single developer l dates back to 1950s and 1960s l owners governed by set of rules l owners don’t share any interest in subdivision property Types of CIDs
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2 © Copyright 2007 Rockwel Publishing, Inc. Common Interest Developments Changes to subdivisions since 1970s: l smaller families l increasing land costs Now common interest developments are more common. Types of CIDs © Copyright 2007 Rockwel Publishing, Inc. Common Interest Developments Common interest development (CID) : subdivision in which homeowners share title to at least some aspects of the property, such as parking lots, golf courses, parks, etc. l homes usually built closer together l more surrounding open space l shared property known as common elements Types of CIDs © Copyright 2007 Rockwel Publishing, Inc. Common Interest Developments Four main types of common interest developments: l condominiums l planned developments l community apartments l cooperatives Most common interest developments are either condominiums or planned developments. Types of CIDs
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3 © Copyright 2007 Rockwel Publishing, Inc. Types of CIDs Condominium : l owner has title to unit from the walls in l shares ownership of land beneath building l shares ownership of common elements Condos and planned developments © Copyright 2007 Rockwel Publishing, Inc. Types of CIDs Planned development: l owner has title to individual home l owner has title to land beneath building l shares ownership of common elements only l more like standard subdivision l also known as planned unit development or PUD Condos and planned developments © Copyright 2007 Rockwel Publishing, Inc. Condos and Planned Developments
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Lesson_16 - Printable Lesson Materials Print these...

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