PSI Virginia Real Estate Practice Exam

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What does the Virginia Condominium Act apply to?

Only high-rise condominium buildings
All condominiums and horizontal property regimes or condominium projects
Only rental properties within urban areas
Commercial real estate properties

The correct answer is: All condominiums and horizontal property regimes or condominium projects

The Virginia Condominium Act is designed to provide a legal framework for the establishment and operation of condominium ownership within the state. It applies to all types of condominium projects, encompassing a wide range of properties including both residential and commercial condominiums. This broad applicability means that whether a condominium is a high-rise building, a low-rise development, or part of a horizontal property regime, it falls under the purview of the Act. By including all condominium types, the Act ensures that there are standardized regulations governing the creation, management, and governance of these properties, which is vital for protecting the interests of property owners and facilitating the functioning of condominium associations. This comprehensive approach is crucial in maintaining consistency and clarity across various condominium projects throughout Virginia.