Property Ownership
A condominium association in Wisconsin may place a lien on an owner's unit for:
AAny reason approved by 51% of unit owners
BUnpaid common area assessments✓ Correct
CFailure to comply with landscaping preferences
DRenting to unapproved tenants
Explanation
Under the Wisconsin Condominium Ownership Act, a condominium association has the right to place a lien on a unit for unpaid common area assessments. This lien has priority over most other liens except a first mortgage.
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- In a Wisconsin condominium, the unit owner has fee simple ownership of the unit and holds the common elements as:Property Ownership
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- A Wisconsin mechanic's lien has priority over other liens based on:Property Ownership
- A Wisconsin condominium association's authority to collect assessments and enforce rules comes from:Property Management
- A Wisconsin property has a homeowners' association assessment lien for $3,500 in unpaid dues. At closing, this lien must be:Escrow & Title
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
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