Assignment 4 (Chapter 6 & 7)

Question 1

Fixed Term Tenancy

Answer 1

A tenancy that lasts for a specified period of time, which may convert to a periodic tenancy after the fixed term ends if not otherwise ended.

Question 2

Periodic Tenancy

Answer 2

A tenancy that continues for successive periods until terminated by either the landlord or tenant.

Question 3

Strata Bylaws

Answer 3

Bylaws govern the control, management, maintenance, use, and enjoyment of strata lots and common property in a strata corporation.

Question 4

Strata Council

Answer 4

A group elected to govern the strata corporation, responsible for enforcing bylaws and managing common property.

Question 5

Voting Rights in Strata

Answer 5

Each strata lot typically gets one vote regardless of the number of owners, but lenders can have voting rights on issues affecting mortgage security with proper notice.

Question 6

Information Certificate (Form B)

Answer 6

A document providing details about the financial status and legal matters concerning a strata lot, such as maintenance fees, pending legal proceedings, and budgetary information.

Question 7

Lease vs. Licence

Answer 7

A lease grants exclusive possession and an interest in land, whereas a licence only grants permission to use the land without exclusive possession.

Question 8

Commercial Tenancies

Answer 8

Lease agreements for commercial properties can include various enforceable clauses like damage deposits, assignment prohibitions, and distress remedies.

Question 9

Allowable Rent Increase

Answer 9

Under the Residential Tenancy Act, rent can only be increased once every 12 months by an amount not exceeding the maximum allowable increase set by the CPI.

Question 10

Strata Bylaw Validity

Answer 10

Strata bylaws can regulate activities within strata lots and common property, provided they comply with the Strata Property Act and are properly passed.

Question 11

Termination Notice

Answer 11

A landlord must give at least 2 months’ notice to end a tenancy for personal use or sale of the property, and provide compensation equivalent to one month’s rent.

Question 12

Commercial Periodic Tenancy

Answer 12

Created when a tenant continues to occupy the premises and pay rent after a fixed-term lease ends, requiring reasonable notice for termination.

Question 13

Strata Corporation Expenditures

Answer 13

The strata council can authorize expenditures included in the budget without further consent; for non-budgeted expenses, specific conditions apply.

Question 14

Exclusive Possession

Answer 14

A key characteristic of a lease, granting the tenant the right to exclude others from the premises.

Question 15

Beneficial Owner

Answer 15

An individual who directly or indirectly owns or controls 25% or more of the shares of a company.

Question 16

Fiduciary Duty

Answer 16

The obligation of utmost good faith and loyalty that an agent owes to their principal, requiring full disclosure and acting in the principal’s best interest.

Question 17

Negligent Misrepresentation

Answer 17

A false statement made without reasonable grounds for believing it to be true, leading to liability if relied upon by another party.

Question 18

Depreciation Report

Answer 18

A report outlining the anticipated maintenance, repair, and replacement costs for strata corporation assets, typically requiring a vote to waive its preparation.

Question 19

Contingency Reserve Fund (CRF)

Answer 19

A fund maintained by a strata corporation for major repairs and replacements, with mandatory contributions at each AGM.

Question 20

Licence vs. Lease

Answer 20

A licence is a contractual agreement permitting use of premises without transferring interest in land or granting exclusive possession, unlike a lease.

Question 21

Subletting Commercial Lease

Answer 21

Unless explicitly prohibited, a commercial tenant can sublet the premises without the landlord’s consent.