Property Ownership
A condominium association in West Virginia that levies a special assessment on all unit owners is doing so to:
AGenerate profit for the association management company
BFund extraordinary expenses not covered by the regular operating budget✓ Correct
CComply with a WVREC requirement
DSatisfy a government fine imposed on the building
Explanation
A condominium association levies special assessments to fund extraordinary expenses (such as major repairs, capital improvements, or unexpected costs) that exceed the regular annual budget and reserves.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Math Concepts
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