Which of the following about a condominium is INCORRECT?
A) A declaration must be filed before any units may be sold.
B) Each unit owner has a fractional undivided interest in the common elements.
C) Each owner receives a separate real estate tax statement.
D) Each owner has a proprietary lease with the association for his or her own unit.
Answer: D) Each owner has a proprietary lease with the association for his or her own unit.
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The owner of 417 Main, an office building, receives a guaranteed monthly income from her tenants and pays no expenses. She has
a. a gross lease. b. a trust lease .c. a percentage lease. d. a net lease.
Santa Fe Railway transports industrial products and supplies throughout the Western United States. Selected financial information for Santa Fe is provided in the table below
The CFO of Santa Fe, Richard Pennybags, wants to distribute $1B of cash using an open market stock repurchase. If the shares are bought back at the pre-repurchase price, then what proportion of shares will be repurchased? Santa Fe Railway Selected Financial Information Stock Price $62.725 Cash $1,000M Market Capitalization $9,408.75M Shares Outstanding 150M Debt $0 A) 5.63% B) 7.47% C) 8.48% D) 10.63% E) 11.83%