BC Real Estate Trading Services Course Strata (Condo) Law & Strata Property Act BC 3

Question 1

In BC, what is a 'Form B' (Information Certificate) in a strata transaction?

Accepted Answer

A document issued by the strata corporation disclosing key financial, bylaw, and legal information about the strata lot

Answer

Form B (Information Certificate) is required by the Strata Property Act and discloses critical information including strata fees, special levies, bylaw contraventions, legal proceedings, and the status of the contingency reserve fund.

Question 2

Under the BC Strata Property Act, can a strata corporation restrict rentals?

Accepted Answer

Yes — strata corporations may pass bylaws restricting or prohibiting rentals, but grandfathering protects existing landlords

Answer

Strata corporations may pass rental restriction bylaws. Under Bill 44 (2022), rental restriction bylaws enacted after November 24, 2022 are void. However, corporations that had valid rental restrictions before that date may maintain them with grandfathering protections.

Question 3

In BC, the 'depreciation report' for a strata corporation (under the Strata Property Act) is used to:

Accepted Answer

Assess the physical state of common property and project future repair and replacement costs

Answer

A depreciation report (prepared by a qualified person every 3 years) assesses the condition of common property assets and provides a 30-year projection of repair/replacement costs, helping the strata fund the CRF appropriately.

Question 4

In BC, if a strata lot owner wants to make an alteration to common property (e.g., install a satellite dish), they must:

Accepted Answer

Obtain written approval from the strata corporation before beginning the alteration

Answer

Under the Strata Property Act, owners must obtain written approval from the strata corporation before making alterations to common property. Unauthorized alterations may require the owner to restore the property at their expense.

Question 5

In BC, a strata corporation has a lien right against a strata lot when:

Accepted Answer

Strata fees, special levies, or fines remain unpaid for more than 1 month

Answer

Under the Strata Property Act, the strata corporation can file a lien against the strata lot after amounts owing (fees, levies, fines) remain unpaid for more than 1 month. This lien has a special priority over many other charges.

BC Real Estate Practice Test

BC Real Estate Practice Test

BC Real Estate Trading Services Course Strata (Condo) Law & Strata Property Act BC 3