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

The Strata Property Act SBC 1998 is the primary legislation governing the creation, management, and operation of strata corporations in British Columbia.

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

Common property under the Strata Property Act is all parts of the strata plan not included within the boundaries of any individual strata lot. Owners share an undivided interest in common property through their unit entitlement.

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

Strata fees are contributions to the strata corporation's operating fund (for day-to-day expenses) and contingency reserve fund (for major future repairs and replacements).

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

The CRF must be maintained for major capital expenditures and unexpected repairs — items like roof replacement, elevator repairs, or major plumbing work that exceed the operating budget.

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 special levy is a one-time or non-recurring charge approved by strata owners to cover extraordinary expenses that exceed the contingency reserve fund or operating fund balance.

BC Real Estate Practice Test

BC Real Estate Practice Test

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