Michigan Real Estate Exam Practice Question
The Condominium Act requires which of the following to be given to purchasers of newly constructed condominiums?
Correct Answer: A
Rationale: The Condominium Act mandates that purchasers of newly constructed condominiums receive specific documentation to ensure transparency and protect their interests.
Option A, "Notice of commencement and return statements," is essential as it informs buyers about the start of construction and any subsequent changes, ensuring they are aware of the project's status.
Options B, C, and D are incorrect as they do not align with the requirements set by the Act. Option B refers to contractor inspections, which may be part of the construction process but are not mandatory disclosures for buyers. Option C, a proprietary lease agreement, is relevant to cooperative housing rather than condominiums. Option D involves technical access details that are not required disclosures under the Act.
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