In Colorado, a 'condominium declaration' contains:
Why B. The legal description of each unit, definition of common elements, allocation of ownership percentages, and restrictions on use Is Correct
Answer B: B. The legal description of each unit, definition of common elements, allocation of ownership percentages, and restrictions on use
In Colorado, a condominium declaration is the recorded document that creates the common interest community. Under C.R.S. 38-33.3-205 it must contain items such as a legal description of the real estate, a description of the boundaries of each unit with its identifying number, descriptions of limited common elements, the allocation of interests to each unit, and any restrictions on use, occupancy and alienation of units. It is therefore far broader than floor plans, HOA rules or financial statements.
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
Key Property Ownership Terms in This Question
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Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
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