Property Ownership
What is a 'homeowners association' (HOA) and what powers does it typically have in Kansas subdivisions?
AA government entity with zoning authority
BA nonprofit organization that governs a common interest community, enforcing CC&Rs, collecting assessments, and maintaining common areas✓ Correct
CA real estate brokerage serving a specific neighborhood
DA lender's group for a specific development
Explanation
An HOA is a private organization created to manage common interest communities (condos, planned communities). It enforces CC&Rs, collects maintenance assessments, manages common areas, and may impose fines for violations.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Math Concepts
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