As used in this chapter and in the declaration and bylaws, unless specifically provided otherwise or required by the context:

“Affiliate of a developer” means a person that directly or indirectly controls, is controlled by, or is under common control with, the developer.

“Association” means the unit owners’ association organized under section 514B-102 or under prior condominium property regime statutes.

“Board” or “board of directors” means the body, regardless of name, designated in the declaration or bylaws to act on behalf of the association.

“Commission” means the real estate commission of the State.

“Common elements” means:

(1) All portions of a condominium other than the units; and

(2) Any other interests in real estate for the benefit of unit owners that are subject to the declaration.

“Common expenses” means expenditures made by, or financial liabilities of, the association for operation of the property, and shall include any allocations to reserves.

“Common interest” means the percentage of undivided interest in the common elements appurtenant to each unit, as expressed in the declaration, and any specified percentage of the common interest means such percentage of the undivided interests in the aggregate.

“Common profits” means the balance of all income, rents, profits, and revenues from the common elements or other property owned by the association remaining after the deduction of the common expenses.

“Completion of construction” means the earliest of:

(1) The issuance of a certificate of occupancy for the unit;

(2) The date of completion for the project, or the phase of the project that includes the unit, as defined in section 507-43;

(3) The recordation of the “as built” amendment to the declaration that includes the unit;

(4) The issuance of the architect’s certificate of substantial completion for the project, or the phase of the project that includes the unit; or

(5) The date the unit is completed so as to permit normal occupancy.

“Condominium” means real estate, portions of which are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of those portions. Real estate is not a condominium unless the undivided interests in the common elements are vested in the unit owners.

“Condominium map” means, however denominated, a map or plan of the condominium property regime containing the information required by § 514B-33.

“Converted” or “conversion” means the submission of a structure to a condominium property regime more than twelve months after the completion of construction; provided that structures used as sales offices or models for a project and later submitted to a condominium property regime shall not be considered to be converted structures.

“Declaration” means any instrument, however denominated, that creates a condominium, including any amendments to the instrument.

“Developer” means a person who undertakes to develop a real estate condominium project, including a person who succeeds to the interest of the developer by acquiring a controlling interest in the developer or in the project.

“Development rights” means any right or combination of rights reserved by a developer in the declaration to:

(1) Add real estate to a condominium;

(2) Create units, common elements, or limited common elements within a condominium;

(3) Subdivide units, combine units, or convert units into common elements;

(4) Withdraw real estate from a condominium;

(5) Merge projects or increments of a project; or

(6) Otherwise alter the condominium.

“Government money market fund” means any money market fund that invests 99.5 per cent or more of its total assets in cash, the obligations of the United States government, the State of Hawaii, or their respective agencies or repurchase agreements that are collateralized by United States government securities or cash.

“Limited common element” means a portion of the common elements designated by the declaration or by operation of § 514B-35 for the exclusive use of one or more but fewer than all of the units.

“Majority” or “majority of the unit owners” means the owners of units to which are appurtenant more than fifty per cent of the common interests. Any specified percentage of the unit owners means the owners of units to which are appurtenant such percentage of the common interest.

“Managing agent” means any person retained, as an independent contractor, for the purpose of managing the operation of the property.

“Master deed” or “master lease” means any deed or lease showing the extent of the interest of the person submitting the property to the condominium property regime.

“Material change” as used in parts IV and V of this chapter means any change that directly, substantially, and adversely affects the use or value of:

(1) A purchaser’s unit or appurtenant limited common elements; or

(2) Those amenities of the project available for the purchaser’s use.

“Material fact” means any fact, defect, or condition, past or present, that, to a reasonable person, would be expected to measurably affect the value of the project, unit, or property being offered or proposed to be offered for sale.

“Operation of the property” means the administration, fiscal management, and physical operation of the property, and includes the maintenance, repair, and replacement of, and the making of any additions and improvements to, the common elements.

“Person” means an individual, firm, corporation, partnership, association, trust, or other legal entity, or any combination thereof.

“Pertinent change” means, as determined by the commission, a change not previously disclosed in the most recent public report that renders the information contained in the public report or in any disclosure statement inaccurate, including, but not limited to:

(1) The size, construction materials, location, or permitted use of a unit or its appurtenant limited common element;

(2) The size, use, location, or construction materials of the common elements of the project; or

(3) The common interest appurtenant to the unit.

A pertinent change does not necessarily constitute a material change.

“Project” means a real estate condominium project; a plan or project whereby a condominium of two or more units located within the condominium property regime are created.

“Property” means the land, whether or not contiguous and including more than one parcel of land, but located within the same vicinity, the building or buildings, all improvements and all structures thereon, and all easements, rights, and appurtenances intended for use in connection with the condominium, which have been or are intended to be submitted to the regime established by this chapter. “Property” includes parcels with or without upper or lower boundaries, and spaces that may be filled with air or water.

“Record”, “recordation”, “recorded”, or “recording” means to record in the bureau of conveyances in accordance with chapter 502, or to register in the land court in accordance with chapter 501.

“Resident manager” means any person retained as an employee by the association to manage, on-site, the operation of the property.

“Structures” includes but is not limited to buildings.

“Time share unit” means the actual and promised accommodations, and related facilities, that are the subject of a time share plan as defined in chapter 514E.

“Unit” means a physical or spatial portion of the condominium designated for separate ownership or occupancy, the boundaries of which are described in the declaration or pursuant to § 514B-35, with an exit to a public road or to a common element leading to a public road.

“Unit owner” means the person owning, or the persons owning jointly or in common, a unit and its appurtenant common interest; provided that to such extent and for such purposes as provided by recorded lease, including the exercise of voting rights, a lessee of a unit shall be deemed to be the unit owner.