Quiz 5 - Homeownership

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1. Homeowners associations are only found in condominium and townhouse complexes.

a. True
b. False

2. A homeowners association’s board of directors is composed of:

a. Homeowners elected by the community
b. Homeowners who have lived in   the community for at least five years
c. A property management   company hired by the community

3. The document that lays out the rules that residents who live in a development with a homeowners association must follow is typically called the:

a. Bylaws
b. Covenants, conditions, and   restrictions
c. Rules of residency

4. Doing preventative maintenance is usually a lot cheaper than repairing things only after they break:

a. True
b. False

5. When selecting a contractor:

a.  You should always go with the one with the cheapest bid because you will save   the most money
b. You should ask for   and check references
c. You should ask if he or she   will give you a discount if you pay the full amount up front.

Correct answers: 1.b, 2.a, 3.a, 4.a, 5.b,