James is selling his townhome in a planned community subject to CCIOA. The listing broker, Sandra, tells James that he is required to provide the buyer with certain HOA documents. Which of the following documents is James required to provide to the buyer under CCIOA as part of the resale disclosure package?
Correct Answer
B) A resale certificate, the association's current budget, and the declaration and bylaws
C.R.S. § 38-33.3-209.4 requires the seller of a unit in a common interest community to provide the buyer with a resale certificate (which includes financial information, assessments, and violations), the association's current budget, reserve study summary, and the declaration, bylaws, and rules and regulations. The resale certificate, budget, and governing documents (declaration and bylaws) are core required components of the CCIOA resale disclosure package.
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Related Topics & Key Terms
Key Terms:
Related Concepts
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
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