Property Management
A West Virginia condominium homeowner's association (HOA) has the power to:
ATake title to individual units for non-payment of assessments
BLevy assessments, enforce the declaration's covenants, and maintain common elements per the WV Condominium Act✓ Correct
COverride state building codes for the development
DSet rental rates for investor-owned units
Explanation
Under the WV Condominium Act, HOAs have the authority to levy assessments, enforce covenants and rules, manage and maintain common elements, and take certain enforcement actions against delinquent owners.
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- A condominium association in West Virginia that levies a special assessment on all unit owners is doing so to:Property Ownership
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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