Condo Quiz #1

All Community Association have different rules and regulations depending the State and Community. The questions below are directed toward Associations in New Jersey.

Disclaimer: The following questions and answers below are to be used as a general guideline. Before purchasing a condo, please verify for yourself via your attorney if you have any direct questions.

What is the "Capital Reserve Fund" typically used for ?

What is a "Condo Questionnaire" typically used for?

If pets were allowed in a community where would that be found?

If the Association decided to add a pool, what must be changed?

Typically in most Associations what is NOT covered with maintenance fees?

What would a "Special Assessment" typically be used for?

To gauge the financial health of an association over 10 years old how much money should be in the "reserve fund" ?

When buying a condo how much is typically asked of the buyer as an "application" fee?

What is an example of a "limited common element" ?

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Atlantic /Bergen /Burlington Cape May / Cumberland /Essex /

Hudson/Hunterdon /Gloucester /Mercer / Middlesex /

Monmouth/Morris /Ocean  / Passaic / Somerset / Sussex / Union / Warren

North Jersey  / Central Jersey  / South Jersey

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