What is a 'homeowners association' (HOA) and what powers does it have over Delaware property owners?
Why An HOA is a legal entity governed by its Declaration, Bylaws, and Rules that can enforce deed restrictions, collect assessments, and place liens on properties for non-payment Is Correct
Answer B: An HOA is a legal entity governed by its Declaration, Bylaws, and Rules that can enforce deed restrictions, collect assessments, and place liens on properties for non-payment
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
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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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).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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