CPCU 551 Chapter 5 Exam | Questions with 100%
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2026/2027
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Terms in this set (39)
Condominium A real estate development consisting of a group of
units in which the air space within the boundaries of
each unit is owned by the unit owner and all
remaining real and personal property is owned
jointly by all unit owners
Condominium unit The portion of a condominium owned solely by a
unit owner
Condominium association An entity composed of the unit owners in a
condominium to manage the condominium and to
own the common elements
Common elements Areas of a condominium that are jointly owned by
all unit owners, including the land on which the
buildings are located
Condominium association agreement A document that describes what each
condominium unit owner has purchased and
clarifies the rights and responsibilities of the unit
owners and the association
, Bare walls concept A concept of condominium ownership in which the
association has no ownership interest within the
bare walls of each unit
Single entity concept (original A concept of condominium ownership in which the
specification coverage) association is considered to be the owner of all
property contained in the unit as sold to the
original purchaser or replacements of such
property if the replacements are of like kind and
quality
All in concept (additional installation A concept of condominium ownership that is similar
coverage) to the single entity concept except that the all in
concept includes improvements made by the unit
owner, not just the original installations or
replacement of like kind and quality
Comparative cooperation A form of real estate ownership in which the real
property is owned by a corporation whose
shareholders are the tenants of the property
Planned unit development A real estate development in which each occupant
(homeowners association) has exclusive ownership of its own unit and the
land that the structure occupies and a
homeowner's association composed of all the unit
owners jointly that owns the surrounding land and
structures
Condominium Commercial Unit Form that covers business personal property and
Owners Coverage Form building property exposures of commercial (non-
residential) condominium units.
Correct Answers | Verified | Latest Update
2026/2027
Save
Terms in this set (39)
Condominium A real estate development consisting of a group of
units in which the air space within the boundaries of
each unit is owned by the unit owner and all
remaining real and personal property is owned
jointly by all unit owners
Condominium unit The portion of a condominium owned solely by a
unit owner
Condominium association An entity composed of the unit owners in a
condominium to manage the condominium and to
own the common elements
Common elements Areas of a condominium that are jointly owned by
all unit owners, including the land on which the
buildings are located
Condominium association agreement A document that describes what each
condominium unit owner has purchased and
clarifies the rights and responsibilities of the unit
owners and the association
, Bare walls concept A concept of condominium ownership in which the
association has no ownership interest within the
bare walls of each unit
Single entity concept (original A concept of condominium ownership in which the
specification coverage) association is considered to be the owner of all
property contained in the unit as sold to the
original purchaser or replacements of such
property if the replacements are of like kind and
quality
All in concept (additional installation A concept of condominium ownership that is similar
coverage) to the single entity concept except that the all in
concept includes improvements made by the unit
owner, not just the original installations or
replacement of like kind and quality
Comparative cooperation A form of real estate ownership in which the real
property is owned by a corporation whose
shareholders are the tenants of the property
Planned unit development A real estate development in which each occupant
(homeowners association) has exclusive ownership of its own unit and the
land that the structure occupies and a
homeowner's association composed of all the unit
owners jointly that owns the surrounding land and
structures
Condominium Commercial Unit Form that covers business personal property and
Owners Coverage Form building property exposures of commercial (non-
residential) condominium units.
