Maine Real Estate License Practice Exam

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What is required to create a condominium for the declarant?

The declaration is filed
The by-laws of the association are filed
The condominium association is formed
The first unit is sold

The correct answer is: The declaration is filed

To create a condominium, it is essential for the declaration to be filed. The declaration serves as the foundational legal document that outlines the specifics of the condominium project, including the boundaries of the units, the common elements, the percentage of ownership for each unit, and the governance structure of the condominium association. Without filing this declaration with the appropriate governmental authority, the condominium cannot be officially recognized or legally established. The filing of the declaration is a critical step in the process of developing a condominium. It provides the necessary public notice and gives legal effect to the project, allowing unit owners to establish their ownership rights and responsibilities. While bylaws and the formation of a condominium association are important for the governance and operation of the condominium, they come after the declaration is filed. Additionally, selling a unit is not a prerequisite for creating a condominium; rather, the legal establishment through the declaration is the first step in the process.