Florida Real Estate Practice Exam

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Prepare for your Florida Real Estate Exam with a comprehensive quiz featuring multiple-choice questions, hints, and detailed explanations. Gain the confidence you need to succeed in obtaining your real estate license!

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Compared with condominiums, the monthly fees for a cooperative owner are typically ______.

Higher
Much less
Slightly less
The same

The correct answer is: Higher

Condominiums and cooperatives are two types of property ownership, commonly referred to as condos and co-ops respectively. Monthly fees are one of the main costs associated with owning either of these properties. In comparison, the monthly fees for a cooperative owner are typically higher than that of a condominium owner. This is because in a cooperative, the monthly fees not only cover maintenance and upkeep of common areas, but also go towards building management fees, property taxes, and underlying mortgage payments for the building as a whole. On the other hand, in a condominium, owners are responsible for their own unit's maintenance and property taxes, which often results in lower monthly fees. Therefore, it is incorrect to say that the fees for cooperative owners are the same, much less, or slightly less compared to condominiums.