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

Question 1

In BC, the primary legislation governing strata corporations is:

Accepted Answer

Strata Property Act SBC 1998

Answer

Real Estate Services Act

Answer

Condominium Act of BC

Answer

Property Law Act BC

Question 2

In BC strata law, 'common property' is defined as:

Accepted Answer

The portion of land and building not included in any strata lot

Answer

All property owned by individual strata lot owners

Answer

Property owned by the strata corporation and sold to members

Answer

Areas accessible only to strata council members

Question 3

In BC, 'strata fees' paid by owners are used to fund:

Accepted Answer

The operating fund and contingency reserve fund of the strata corporation

Answer

The strata council members' salaries

Answer

Property Transfer Tax on strata lot transfers

Answer

The managing broker's commission

Question 4

Under the BC Strata Property Act, a strata corporation must have a 'contingency reserve fund' (CRF) which is used for:

Accepted Answer

Major unexpected and anticipated expenses and capital repairs

Answer

Monthly maintenance expenses like cleaning and landscaping

Answer

Paying strata agent management fees

Answer

Individual strata lot repairs

Question 5

In BC, a 'special levy' in a strata corporation is:

Accepted Answer

A one-time charge to all owners for an expense not covered by existing strata funds

Answer

A regular monthly strata fee increase

Answer

A fine levied against an owner for bylaw violations

Answer

A government tax on strata lot transfers

Question 6

In BC strata law, the 'unit entitlement' determines:

Accepted Answer

Each owner's proportionate share of strata fees and voting rights in the strata corporation

Answer

The physical size of a strata lot only

Answer

The maximum rental period allowed in a strata complex

Answer

The value of the strata lot for Property Transfer Tax purposes