1. You currently own and operate a small RV camp on a lake in Florida. It
is close to the ocean and close to the Daytona Speedway, home of the
Daytona 500 and a host of other prominent races. The occupants of the
RV park are very loyal and make reservations far in advance, and return
year after year. You are considering whether to continue the camp as a
short-term rental operation, convert it and sell the parking spaces as
condominium parking spaces, or converting to condominium timeshare
lots. What are the advantages/disadvantage to each of these options?
Short-term rental keeps you in ownership in its entirety, but includes day–
to-day operations and expenses. Condo parking loses full rights and still
responsible for common areas and associated structures. Time-share the
ownership transfers based on contract, but also rid responsibility of
expenses.
2. Explain how title insurance works. What risks does it cover? Who
pays, and when? What common exceptions does it make?
Title insurance ensures the title of the property is free and clear of
encumbrances. Can be bought by seller as a selling point, or required by
