Colorado Land Surveyor Practice Exam

What defines the character and obligations of condominium ownership?

1. Condominium declaration

2. Homeowners association agreement

3. Title deed

4. Operating agreement

The correct answer is: Condominium declaration

The character and obligations of condominium ownership are primarily defined by the condominium declaration. This document serves as the foundational legal agreement that outlines the rights and responsibilities of the unit owners, the management of the condominium property, and the use of shared amenities. It typically includes important details such as the description of the units, the common areas, the allocation of costs, and guidelines for your property management. The condominium declaration is crucial because it establishes the legal framework governing how the condominium is operated and maintained, including the rules regarding modifications to individual units, maintenance responsibilities, and the governance of the homeowners association. It ensures that all owners have a clear understanding of their obligations to the property and to each other, which is essential for maintaining harmony within the community.