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UBC Real Estate Licensing Exam > Chapter 2.3: Strata Property + Co-ops > Flashcards

Chapter 2.3: Strata Property + Co-ops Flashcards

1
Q

There are no “___________” who regulate compliance with the strata legislation

A

Strata police

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2
Q

Who enforcing a strata development?

A

Themselves, strata developments are Self-enforcing

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3
Q

___________: designates which parts of property are strata lots and which are common property

A

Strata plan

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4
Q

In a strata plan, there are 2 big classifications it discerns between, what are these?

A

1) strata lots

2) common property

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5
Q

Registration and approval of a strata plan creates an estate in ____________ for each individual strata lot

A

Fee simple

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6
Q

A strata plan cannot be deposited at the ____________________ until the developer has obtained all the required approvals, such as approval from local government authorities

A

Land title office

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7
Q

“Strata plans “ _________ the building

A

Subdivide

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8
Q

Owners of the common areas in a strata are classified as

A

Tenants in common

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9
Q

A ______________ is formed by the deposit of a ______________ whose members are the owners of the strata lots in the strata plan

A

Strata corporation

Strata plan

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10
Q

Collectively, the _________________ are as one entity, once the strata plan has been deposited at the _______________

A

Group of owners

Land title office

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11
Q

What are the key duties of the strata corporation

A

Manage, maintain, insure, and repair COMMON AREAS

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12
Q

___________________ subdivide land

A

Bare land strata plans

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13
Q

A ________________ is required by regulation to be identified as such in the strata plan itself

A

Bare land strata plan

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14
Q

______________ are also known as mini strata corporation

A

Sections

Think of commercial on the bottom, housing on the top - Zara at Lakestone

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15
Q

___________ have their own executives and are created to represent the owners of specifically identified ___________

A

Sections

Strata lots

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16
Q

_____________ is the figure used to calculate a strata lot owners contribution to the common expenses

A

Unit entitlement

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17
Q

The purchasers interest is divided in __________ for strata lots, and ________________ for common property

A

Fee Simple

Tenancy in common

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18
Q

How do property taxes work in a strata?

A

Each strata lot owner must pay his own property taxes plus a share of common property taxes

So strata lots + share of common property taxes

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19
Q

Reminder, the strata corporations only duties are

A

To manage, maintain, insure, and repair common areas

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20
Q

Common property is considered any property not _____________________

A

Designated as a strata lot

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21
Q

Strata corporations exercise exclusive control over ___________

A

Common property

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22
Q

Wording check for questions

When you see “duty to” who is this referring to

A

Strata corporation

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23
Q

Wording check for questions

When you see “owns” who is this referring to

A

The actual owner of the lot

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24
Q

Wording check for questions

When you see “power” who is this referring to

A

Strata council

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25
Q

_____________________ : common property designated for the exclusive use of the owners of one or more strata lot

A

Limited common property

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26
Q

What is an example of Limited common property (LCP)

A

You don’t own the parking spot, but you can use it

You don’t own your balcony, but you can use it

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27
Q

What does LCP stand for?

A

Limited common property

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28
Q

____________________ is a special privilege granted to owners and tenants to exclusively use common property that is not designated as limited common property (LCP)

A

Short-term exclusive use

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29
Q

Short term exclusive use is not ______________

A

Limited common property

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30
Q

With short term exclusive use, the strata may NOT grant the permission / privilege for more than ____________

A

1 year!!!

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31
Q

With Short-term exclusive use, the strata can ________________________

A

Cancel at any time with reasonable notice

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32
Q

There are 5 duties for the Strata Corporation, I know we already know the duty to manage, maintain, insure, and repair, but expand on those

A

1) duty to manage
2) duty to repair and maintain
3) duty to insure common assets
4) duty to keep records
5) duty to establish

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33
Q

Duties of Strata Corporation

Duty to manage

A

Control, manage, and administer the common property

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34
Q

Duties of Strata Corporation

The duty to insure common assets has how much of a limit?

A

No set amount!

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35
Q

Duties of Strata Corporation

Duty to keep records

A

Such as minutes, records, budget, and financial statements

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36
Q

Duties of Strata Corporation

Duty to establish

A

The duty to establish contingency and operating funds

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37
Q

What are the 3 types of funds strata’s have?

A

1) operating fund
2) contingency fund (CRF)
3) special levies

38
Q

Operating fund

A

Common expenses

Used one or more times a year

Interim budget

39
Q

Contingency / reserve fund (CRF)

A

These are the big expenses!

Used less than once a year

40
Q

Special levies

A

Each owner must pay a portion

41
Q

There are two types of Strata forms purchasers can obtain about Strata Corporations, what are they?

A 
Information certificate (Form B)
Certificate of Payment (Form F)
42
Q

___________________: a document that informs a buyer of a strata lot whether there is any money owing to the strata corporation in respect to that strata lot

A

Certificate of Payment (Form F)

43
Q

A certificate form F is a document that informs buyers of a strata lot where there is __________________ to the strata corporation in respect to a strata lot

A

Money owing

44
Q

The information certificate (Form B) contains a whole whack of data, such as?

A

1) monthly strata fees
2) any amount owing to the strata
3) amount in the contingency reserve fund
4) amendments to the bylaws
5) judgments or orders against the strata corporation
6) storage lockers, parking stalls allocated
7) the most recent depreciation report must be included
8) the current budget
9) the rules of the strata corporation
10) number of strata lots in the strata plan

45
Q

What are 2 things not in the Information Certificate Form B

A

Section’s accounts or bylaws

Schedule of Certificate of Title

46
Q

A simple way to look at a Information Certificate (Form B) is as

A

Financial stuff

47
Q

An Information Form B must be provided by the strata corporation in the prescribed form within ______________ of a request by an authorized person

A

1 month

48
Q

_______________ enforces it’s bylaws and rules on behalf of strata corporation

A

Strata council

49
Q

Strata council =

A

Power

50
Q

The ____________ is an executive body which carries out the activities needed so the Strata Corporation fulfils its duty under the law

A

Strata council

51
Q

For the 1st annual meeting through a strata council, they must give ________________________ in advance of every general meeting

A

20 days written notice

52
Q

How do special general meetings work? (SGM)

A

If you have a 20% share in strata it entitles you to call a special general meeting to demand in writing that the strata corporation holds a special general meeting to consider a resolution or other manner

53
Q

What are others things a strata corporation can do?

A
  • enforce its bylaws and rules
  • Crete rules to manage the common property
  • prohibit the rental of units
  • sue persons against whom the corporation has a legal claim
  • remove owner’s rights to use common property
  • register for a lien for unpaid strata fees (not fines)
54
Q

Strata corporation bylaws must be ___________ in the _________________ to be enforceable

A

Filed

Land title office

55
Q

A strata corporation can register a lien for unpaid strata fees, what can they not do?

A

File a lien for money owing as a fine

Collect fines by filing liens and forcing the sale of the owners strata lot

56
Q

A strata council may hire a management council under certain rules, what are they!

A

1) they can hire someone for dad-to-day responsibilities
2) need 2 months notice to cancel a contract - important
3) can hire management company, but it may only take instructions from the Strata Council

57
Q

Owner’s remedies to dissatisfaction of Strata

A

1) May sue strata corporation
2) court May order the appointment of administrator
3) obtain mandatory injunction
4) right to apply to the Supreme Court of BC for an order requiring the strata corporation to comply with the Strata Property Act

58
Q

What are 2 things owners cannot do to take revenge on Strata’s

A

1) withhold payment of strata fees

2) File a lien against strata corporation

59
Q

Every ______ must have bylaws

A

Strata

60
Q

Only the members can ______ the bylaws

A

Amend

Which mean make minor changes

61
Q

________ can regulate the use of strata land

A

Bylaws

62
Q

Bylaws can restrict ____________ and________________

A

Rentals

Age restrictions

63
Q

________ are less formal than bylaws and are optional

A

Rules

64
Q

Rules are in place for the use, ________, and condition, of __________ and __________

A

Safety

Common property

Common assets

65
Q

_________ cannot regulate the use of strata lots

A

Rules

Only bylaws can

66
Q

The _______________ allows distinctions to be on the basis of age

A

Human rights code

67
Q

How can you change bylaws and rules!

A

You need 3/4 vote, meaning you need 75% to pass

And these changes must go through the land title office

68
Q

You have ________ per strata lot (voting)

A

1 vote

69
Q

There are 2 exemptions to rental restrictions

A

1) family members - spouse, a parent, child of the owner

2) hardship (severe suffering or privitation)

70
Q

Bylaws and rules are not enforceable if they contravene the _______________, the regulations, the _________________ or any other law

A

Strata Property Act

Human Rights Code

71
Q

Bylaws and rules are not enforceable if they prohibit or restrict the right of an strata lot owner to freely ________, __________ or ___________

A

Sell, lease, mortgage

72
Q

_______, _________, ________ and ________ must comply with the strata corporations bylaws and rules

A

Owners, Tenants, occupants, and visitors

73
Q

A strata council or landlord that attempts to unduly restrict an individuals use of ___________________ may find themselves in contravention of _______________________, such as BC’s Human Rights Code

A

Medical cannabis

Human rights legislation

74
Q

Government has not introduced any specific restrictions on strata councils with respect to ___________

A

Cannabis

75
Q

The _______________ and licensing act doesn’t make any amendment to the ____________________

A

Cannabis control

Strata Property Act

76
Q

Strata condominium vs a co-op. How do they differ!

A

Strata: fee simple
Co-op: no fee simple (only shares)

Strata: filed in land title office
Co-op: cannot sell their share

Strata: disclosure statement
Co-op - disclosure statement

Strata: easier to sell (and can sell to anyone)
Co-op: board of directors must approve buyer

77
Q

Strata condominiums components

A
  • fee simple
  • filed in Land Title Office
  • Disclosure Statement
  • Residential Tenancy Act applies to rentals
  • Easier to sell - a strata lot owner may sell to whoever they want
78
Q

Co-ops components

A
  • no fee simple
  • cannot sell their interest
  • hard to obtain financing
  • governed by shareholders’ agreement and cooperative association act
  • disclosure statement
  • cannot rely on residential tenancy act
  • board of directors must approve buyer
79
Q

What is the one similarity between strata condominiums and co-ops

A

They both require disclosure statements!

80
Q

___________ are not limited to buildings that were previously occupied or occupied for a residential purpose

A

Conversion

81
Q

What 1st must be done for a developer to get a conversion approval

A

The developer 1st must obtain approval from municipal council

82
Q

Where an existing rental building is being converted, the existing tenants are covered by the protection of the _______________________

A

Residential Tenancy Act

83
Q

What should be considered prior to conversion?

3 things

A

1) priority of rental over private ownership in the area
2) relocation of tenants
3) life expectancy of the building

84
Q

What should not be considered in regard to conversions?

1 reason

A

The potential increase in real property taxes

85
Q

True or false strata corporations are not responsible for maintaining property insurance on common property

A

False! They are responsible for that

86
Q

True or false

Strata corporations do not have to determine the amount of contribution to the contingency reserve fund each year

A

False - there has to be some sort of amount placed to the side each month

87
Q

True or false

Strata corporations can keep a list of the names of tenants in their buildings

A

True. Typically done for management or security purposes

88
Q

What is sufficient notice of an AGM (Annual General Meeting)?

A

20 days in written notice

89
Q

If an age restriction byelaw is passed by a strata corporation, it will apply to all of the current residence of the strata and may require some residence to vacate the strata lots within 90 days of passing the Bill

A

False!

The grandfather rule comes into play to protect you

90
Q

When converting an existing building to a strata development…

1) The existing tenants must be relocated by the developer
2) The age and condition of the building is irrelevant
3) The developer must pay the existing tenants moving expenses
4) none of the above statements is true

A

4) none of the above

UBC Real Estate Licensing Exam (24 decks)

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