Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 30 - CONDOMINIUM REGULATIONS › Part I - General › Section 18VAC48-30-20 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
A. Section
				  54.1-2345 of the Code
				  of Virginia provides definitions of the following terms and phrases as used in
				  this chapter:
"Association"
"Board"
B. Section
				  55.1-1900 of the Code
				  of Virginia provides definitions of the following terms and phrases as used in
				  this chapter:
"Common elements"
"Identifying number"
"Common expenses"
"Land"
"Condominium"
"Leasehold condominium"
"Condominium instruments"
"Limited common element"
"Condominium unit"
"Nonbinding reservation agreement"
"Conversion condominium"
"Offer"
"Convertible land"
"Person"
"Convertible space"
"Purchaser"
"Declarant"
"Special declarant rights"
"Dispose" or "disposition"
"Unit"
"Executive board"
"Unit owner"
"Expandable condominium"
C.
				  The following words, terms, and phrases when used in this chapter shall have
				  the following meanings unless the context clearly indicates otherwise.
"Annual report" means a completed, board-prescribed form
					 and required documentation submitted in compliance with §
											55.1-1979
					 of the Code of Virginia.
"Application" means a completed, board-prescribed form
					 submitted with the appropriate fee and other required documentation in
					 compliance with §
											55.1-1975
					 of the Code of Virginia.
"Class of physical assets" means two or more physical
					 assets that are substantially alike in function, manufacture, date of
					 construction or installation, and history of use and maintenance.
"Department" means the Department of Professional and
					 Occupational Regulation.
"Expected useful life" means the estimated number of years
					 from the date on which such estimate is made until the date when, because of
					 the effects of time, weather, stress, or wear, a physical asset will become
					 incapable of performing its intended function and will have to be
					 replaced.
"Firm" means a sole proprietorship, association,
					 partnership, corporation, limited liability company, limited liability
					 partnership, or any other form of business organization recognized under the
					 laws of the Commonwealth of Virginia.
"Full and fair disclosure" means the degree of disclosure
					 necessary to ensure reasonably complete and materially accurate representation
					 of the condominium in order to protect the interests of purchasers.
"Limited common expense" means any common expense against
					 one or more, but less than all, of the units.
"Major utility installation" means a utility installation
					 or portion thereof that is a common element or serves more than one
					 unit.
"Material change" means a change in any information or
					 document disclosed in the application for registration, including the public
					 offering statement or an attachment thereto, that renders inaccurate,
					 incomplete, or misleading any information or document in such a way as to
					 affect substantially a purchaser's rights or obligations or the nature of a
					 unit or appurtenant limited common element or the amenities of the project
					 available for the purchaser's use as described in the public offering
					 statement.
"Offering" means the continuing act of the declarant in
					 making condominium units owned by the declarant within a particular condominium
					 available for acquisition by purchasers or, where appropriate, to the aggregate
					 of the condominium units thus made available.
"Offering literature" means any written promise, assertion,
					 representation, or statement of fact or opinion made in connection with a
					 condominium marketing activity mailed or delivered directly to a specific
					 prospective purchaser, except that information printed in a publication shall
					 not be deemed offering literature solely by virtue of the fact that the
					 publication is mailed or delivered directly to a prospective purchaser.
"Personal communication" means a communication directed to
					 a particular prospective purchaser that has not been and is not intended to be
					 directed to any other prospective purchaser.
"Physical asset" means either a structural component or a
					 major utility installation.
"Present condition" means condition as of the date of the
					 inspection by means of which condition is determined.
"Registration file" means the application for registration,
					 supporting materials, annual reports, and amendments that constitute all
					 information submitted and reviewed pertaining to a particular condominium
					 registration. A document that has not been accepted for filing by the board is
					 not part of the registration file.
"Regular common expense" means a common expense apportioned
					 among and assessed to all of the condominium units pursuant to subsection D of
					 §
											55.1-1964
					 of the Code of Virginia or similar law or condominium instrument
					 provision.
"Replacement cost" means the expenditure that would be
					 necessary to replace a physical asset with an identical or substantially
					 equivalent physical asset as of the date on which replacement cost is
					 determined and includes all costs of (i) removing the physical asset to be
					 replaced, (ii) obtaining its replacement, and (iii) erecting or installing the
					 replacement.
"Structural component" means a component constituting any
					 portion of the structure of a unit or common element.
"Structural defect" shall have the meaning given in
					 subsection B of §
											55.1-1955
					 of the Code of Virginia.
"Substituted public offering statement" means a document
					 originally prepared in compliance with the laws of another jurisdiction and
					 modified in accordance with the provisions of this chapter to fulfill the
					 disclosure requirements established for public offering statements by
					 subsection A of §
											55.1-1976
					 of the Code of Virginia and, if applicable, subsection B of §
											55.1-1982
					 of the Code of Virginia.
"Virginia Condominium Act" means Chapter 19 (§
											55.1-1900 et seq.) of
					 Title 55.1 of the Code of Virginia.
Statutory Authority: §
												54.1-2349
						of the Code of Virginia.