Final answer:
The statement refers to a legal requirement for making significant modifications to common property in a condo or homeowners association, where 'TVI' stands for Total Voting Interest. The 75% figure is common but may vary based on specific association bylaws or state laws.
Step-by-step explanation:
The statement that material alterations or betterments to the common elements require 75% TVI indicates a legal threshold for making significant changes to areas owned collectively by members of a condominium association or similar community. The abbreviation 'TVI' typically stands for 'Total Voting Interest', which means the percentage of total votes required from all eligible members to approve such modifications. In many condominium associations or homeowners associations, the governing documents, such as the declaration or bylaws, specify the required percentage of TVI for material alterations to common elements. While the exact percentage can vary depending on the association's governing documents or applicable state laws, 75% is a figure that is often referenced as a supermajority requirement for significant changes.
It is important to review the specific governing documents or state statutes for the accurate percentage required, as this can differ from one community to another. If the documents or laws dictate that a 75% TVI is necessary for material alterations or betterments, then the statement would be true. Conversely, if the required percentage is different, the statement would be false.