BC Real Estate Trading Services Course Strata (Condo) Law & Strata Property Act BC 6

Question 1

In BC, the 'Buyers Package' of documents for a strata purchase that a licensee should obtain includes the Form B plus:

Accepted Answer

Current bylaws and rules, latest financial statements, depreciation report, recent minutes, and strata plan

Answer

Thorough due diligence requires: Form B, strata plan, current bylaws and rules, operating and CRF financial statements, depreciation report, and recent AGM and council meeting minutes.

Question 2

Under BC's Strata Property Act, what is the maximum fine amount a strata corporation may impose per bylaw violation (under the default standard bylaw)?

Accepted Answer

$500

Answer

Under the Strata Property Act standard bylaws, the maximum fine is $200 per bylaw violation. However, strata corporations can pass bylaws setting higher fines for certain violations (up to $500 for rental restriction violations, for example).

Question 3

In BC, a strata lot owner who disagrees with a strata council decision can seek resolution through:

Accepted Answer

Civil Resolution Tribunal (CRT), mediation, or the BC Supreme Court, depending on the amount in dispute

Answer

BC's Civil Resolution Tribunal (CRT) has jurisdiction over strata disputes up to $50,000. Owners can also pursue mediation, arbitration, or the BC Supreme Court for larger or more complex disputes.

Question 4

In BC strata law, what does 'phased strata' mean?

Accepted Answer

A strata developed in multiple phases, where new sections are added over time through separate strata plans

Answer

A phased strata development means the strata plan is developed and registered in multiple phases. Each new phase creates additional strata lots as construction is completed, with the developer retaining the right to add phases.

Question 5

In BC, is a strata corporation required to maintain a contingency reserve fund (CRF)?

Accepted Answer

Yes — all strata corporations must maintain a CRF for major capital repairs

Answer

The Strata Property Act requires all strata corporations — regardless of size — to establish and maintain a contingency reserve fund for major capital expenditures and unexpected repairs.

BC Real Estate Practice Test

BC Real Estate Practice Test

BC Real Estate Trading Services Course Strata (Condo) Law & Strata Property Act BC 6