Question

How is a unit in a PUD defined by Fannie Mae?

a. There is a local Homeowners' Association (HOA) with voluntary membership
b. Assessors' records, lot & block, and metes & bounds
c. It is an attached dwelling unit
d. There is an HOA with mandatory automatic membership and the ability to lien properties

Answer 1

A unit in a Planned Unit Development (PUD) is defined by Fannie Mae as having an HOA with mandatory automatic membership and the ability to lien properties.

Step-by-step explanation:

A unit in a Planned Unit Development (PUD) is defined by Fannie Mae as having an HOA (Homeowners' Association) with mandatory automatic membership and the ability to lien properties.In a Planned Unit Development (PUD), which is a type of residential development, Fannie Mae typically defines a unit based on the presence of a Homeowners' Association (HOA) with specific characteristics. This means that when you purchase a unit in a PUD, you are required to join the HOA and the HOA has the power to place a lien on your property if you fail to pay your assessments or dues.