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Texas Real Estate Exam

Category - Vocab

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A fund set aside for replacement of common property in a condominium, PUD, or cooperative project, particularly that which has a short life expectancy, such as carpet or furniture is called a:

Capital improvements fund
Replacement reserve fund
Savings fund
Contingency fund

Explanation

Answer: B - The fund set aside for replacement of common property in a condominium, PUD, or cooperative project is called a replacement reserve fund.

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