Developer Karen is creating a condominium in Rome and wants to retain control over certain decisions during the initial sales period. Under Georgia law, what is the maximum period the developer can maintain control of the association?
Correct Answer
A) Until 75% of the units are sold or 5 years from recording the declaration, whichever occurs first
Correct: A - Until 75% of the units are sold or 5 years from recording the declaration, whichever occurs first. Under Georgia law, developer control must terminate when 75% of the units are sold to third parties or 5 years from recording the declaration, whichever occurs first. Why not B: This option is incorrect because "Until 51% of the units are sold to third parties" does not match the rule tested by the question. The correct answer is "Until 75% of the units are sold or 5 years from recording the declaration, whichever occurs first". Under Georgia law, developer control must terminate when 75% of the units are sold to third parties or 5 years from recording the declaration, whichever occurs first. Why not C: This option is incorrect because "Indefinitely, as long as the developer owns any units" does not match the rule tested by the question. The correct answer is "Until 75% of the units are sold or 5 years from recording the declaration, whichever occurs first". Under Georgia law, developer control must terminate when 75% of the units are sold to third parties or 5 years from recording the declaration, whichever occurs first. Why not D: This option is incorrect because "For a maximum of 3 years from the date of recording the declaration" does not match the rule tested by the question. The correct answer is "Until 75% of the units are sold or 5 years from recording the declaration, whichever occurs first". Under Georgia law, developer control must terminate when 75% of the units are sold to third parties or 5 years from recording the declaration, whichever occurs first.
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More Ga Community Association Questions
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- → Under the Georgia Condominium Act, which of the following is NOT required to be included in a condominium declaration?
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- → A Georgia licensee is advising a buyer about potential risks in a homeowners association community. The buyer asks whether concerns about unpaid dues and pending special assessments should be treated the same way as property stigma issues under Georgia law. How should the licensee correctly categorize these concerns?
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Previous Question
The Magnolia Gardens Condominium Association in Valdosta needs to obtain insurance for the building. Under the Georgia Condominium Act, what type of insurance is the association required to maintain?
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Patricia is a unit owner in a Marietta condominium and has not paid her monthly assessment for three months. Under Georgia law, what remedy does the association have to collect the unpaid assessments?