Strata (Condo) Law & Strata Property Act BC Flashcards
6 cards from real BC Real Estate Trading Services Course practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Strata (Condo) Law & Strata Property Act BC flashcards as text
In BC, a real estate licensee selling a strata unit must provide the buyer with:
Answer: The strata plan, Form B, current bylaws, rules, recent AGM minutes, and financial statements
Due diligence for strata purchases includes reviewing the Form B, strata plan, current bylaws and rules, financial statements (operating fund, CRF), recent minutes of council and general meetings, and the depreciation report.
Under the BC Strata Property Act, the strata council is elected by:
Answer: Strata lot owners at the annual general meeting
The strata council is elected by strata lot owners at the annual general meeting. Council members serve on behalf of the strata corporation to manage day-to-day operations.
In BC, 'bare land strata' differs from a conventional strata in that:
Answer: The strata lots consist of parcels of land rather than units within a building
A bare land strata plan divides land into individual parcels (strata lots). Each owner typically owns their lot and any buildings on it, with roads, utilities, and other common areas as common property.
In BC, the Standard Schedule of Unit Entitlement determines strata fees based on:
Answer: The square footage of each strata lot relative to the total floor area of all lots
Under the standard schedule, unit entitlement is based on the floor area of each strata lot as a proportion of total strata lot area, meaning larger units pay proportionally more in strata fees.
In BC, when a strata corporation obtains insurance for the strata building, which areas are typically covered?
Answer: Original construction of common property, limited common property, and strata lots (full replacement value)
Under the Strata Property Act, the strata corporation must insure common property and assets for full replacement value, including the original construction of strata lots. Owners insure their improvements and contents separately.
In BC strata law, a bylaw violation by an owner can result in the strata corporation:
Answer: Imposing fines as set out in the bylaws after following the prescribed hearing process
The Strata Property Act allows strata corporations to impose fines for bylaw violations. However, the owner must be given notice of the alleged violation and an opportunity to be heard before fines are imposed.