PSI Virginia Real Estate Practice Exam

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.