Property Ownership
A Massachusetts condominium owner's 'percentage interest' in the common areas is determined by:
AThe number of bedrooms in each unit
BThe floor the unit is located on
CThe proportional square footage or value as set in the master deed✓ Correct
DA vote of the condominium association
Explanation
Under MGL Chapter 183A, each condominium unit owner's proportionate interest in common areas and facilities is established in the master deed, typically based on relative square footage or value.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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