Chapter 2.3: Strata Property + Co-ops

Question 1

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

Answer 1

Strata police

Question 2

Who enforcing a strata development?

Answer 2

Themselves, strata developments are Self-enforcing

Question 3

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

Answer 3

Strata plan

Question 4

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

Answer 4

1) strata lots

2) common property

Question 5

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

Answer 5

Fee simple

Question 6

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

Answer 6

Land title office

Question 7

“Strata plans “ _________ the building

Answer 7

Subdivide

Question 8

Owners of the common areas in a strata are classified as

Answer 8

Tenants in common

Question 9

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

Answer 9

Strata corporation

Strata plan

Question 10

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

Answer 10

Group of owners

Land title office

Question 11

What are the key duties of the strata corporation

Answer 11

Manage, maintain, insure, and repair COMMON AREAS

Question 12

___________________ subdivide land

Answer 12

Bare land strata plans

Question 13

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

Answer 13

Bare land strata plan

Question 14

______________ are also known as mini strata corporation

Answer 14

Sections

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

Question 15

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

Answer 15

Sections

Strata lots

Question 16

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

Answer 16

Unit entitlement

Question 17

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

Answer 17

Fee Simple

Tenancy in common

Question 18

How do property taxes work in a strata?

Answer 18

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

Question 19

Reminder, the strata corporations only duties are

Answer 19

To manage, maintain, insure, and repair common areas

Question 20

Common property is considered any property not _____________________

Answer 20

Designated as a strata lot

Question 21

Strata corporations exercise exclusive control over ___________

Answer 21

Common property

Question 22

Wording check for questions

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

Answer 22

Strata corporation

Question 23

Wording check for questions

When you see “owns” who is this referring to

Answer 23

The actual owner of the lot

Question 24

Wording check for questions

When you see “power” who is this referring to

Answer 24

Strata council

Question 25

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

Answer 25

Limited common property

Question 26

What is an example of Limited common property (LCP)

Answer 26

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

Question 27

What does LCP stand for?

Answer 27

Limited common property

Question 28

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

Answer 28

Short-term exclusive use

Question 29

Short term exclusive use is not ______________

Answer 29

Limited common property

Question 30

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

Answer 30

1 year!!!

Question 31

With Short-term exclusive use, the strata can ________________________

Answer 31

Cancel at any time with reasonable notice

Question 32

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

Answer 32

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

Question 33

Duties of Strata Corporation Duty to manage

Answer 33

Control, manage, and administer the common property

Question 34

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

Answer 34

No set amount!

Question 35

Duties of Strata Corporation Duty to keep records

Answer 35

Such as minutes, records, budget, and financial statements

Question 36

Duties of Strata Corporation Duty to establish

Answer 36

The duty to establish contingency and operating funds

Question 37

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

Answer 37

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

Question 38

Operating fund

Answer 38

Common expenses Used one or more times a year Interim budget

Question 39

Contingency / reserve fund (CRF)

Answer 39

These are the big expenses! Used less than once a year

Question 40

Special levies

Answer 40

Each owner must pay a portion

Question 41

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

Answer 41

``` Information certificate (Form B) Certificate of Payment (Form F) ```

Question 42

___________________: 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

Answer 42

Certificate of Payment (Form F)

Question 43

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

Answer 43

Money owing

Question 44

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

Answer 44

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

Question 45

What are 2 things not in the Information Certificate Form B

Answer 45

Section’s accounts or bylaws Schedule of Certificate of Title

Question 46

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

Answer 46

Financial stuff

Question 47

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

Answer 47

1 month

Question 48

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

Answer 48

Strata council

Question 49

Strata council =

Answer 49

Power

Question 50

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

Answer 50

Strata council

Question 51

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

Answer 51

20 days written notice

Question 52

How do special general meetings work? (SGM)

Answer 52

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

Question 53

What are others things a strata corporation can do?

Answer 53

- 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)

Question 54

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

Answer 54

Filed Land title office

Question 55

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

Answer 55

File a lien for money owing as a fine Collect fines by filing liens and forcing the sale of the owners strata lot

Question 56

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

Answer 56

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

Question 57

Owner’s remedies to dissatisfaction of Strata

Answer 57

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

Question 58

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

Answer 58

1) withhold payment of strata fees | 2) File a lien against strata corporation

Question 59

Every ______ must have bylaws

Answer 59

Strata

Question 60

Only the members can ______ the bylaws

Answer 60

Amend Which mean make minor changes

Question 61

________ can regulate the use of strata land

Answer 61

Bylaws

Question 62

Bylaws can restrict ____________ and________________

Answer 62

Rentals Age restrictions

Question 63

________ are less formal than bylaws and are optional

Answer 63

Rules

Question 64

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

Answer 64

Safety Common property Common assets

Question 65

_________ cannot regulate the use of strata lots

Answer 65

Rules Only bylaws can

Question 66

The _______________ allows distinctions to be on the basis of age

Answer 66

Human rights code

Question 67

How can you change bylaws and rules!

Answer 67

You need 3/4 vote, meaning you need 75% to pass And these changes must go through the land title office

Question 68

You have ________ per strata lot (voting)

Answer 68

1 vote

Question 69

There are 2 exemptions to rental restrictions

Answer 69

1) family members - spouse, a parent, child of the owner | 2) hardship (severe suffering or privitation)

Question 70

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

Answer 70

Strata Property Act Human Rights Code

Question 71

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

Answer 71

Sell, lease, mortgage

Question 72

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

Answer 72

Owners, Tenants, occupants, and visitors

Question 73

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

Answer 73

Medical cannabis Human rights legislation

Question 74

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

Answer 74

Cannabis

Question 75

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

Answer 75

Cannabis control Strata Property Act

Question 76

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

Answer 76

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

Question 77

Strata condominiums components

Answer 77

- 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

Question 78

Co-ops components

Answer 78

- 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

Question 79

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

Answer 79

They both require disclosure statements!

Question 80

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

Answer 80

Conversion

Question 81

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

Answer 81

The developer 1st must obtain approval from municipal council

Question 82

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

Answer 82

Residential Tenancy Act

Question 83

What should be considered prior to conversion? 3 things

Answer 83

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

Question 84

What should not be considered in regard to conversions? 1 reason

Answer 84

The potential increase in real property taxes

Question 85

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

Answer 85

False! They are responsible for that

Question 86

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

Answer 86

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

Question 87

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

Answer 87

True. Typically done for management or security purposes

Question 88

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

Answer 88

20 days in written notice

Question 89

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

Answer 89

False! The grandfather rule comes into play to protect you

Question 90

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

Answer 90

4) none of the above