Chapter 7

Question 1

What is a strata plan

Answer 1

Filed in the land title office and designate which part of the strata prop project or strata lot and which are common property

Question 2

What is a strata corporation

Answer 2

The individual strata owners collectively once the strata plan has been deposit at the land title office

Question 3

Common property in a strata title development is

Answer 3

Any property not designate a strata lot on a strata plan

Question 4

Common property in a strata title development is

Answer 4

Property that is an owner may be granted exclusive use of known as limited common property

Question 5

Who has a duty to maintain manage ensure repair common area

Answer 5

Strata corporation

Question 6

Common property in strata child development is

Answer 6

Call mom probably is designated for exclusive use of the owners of one or more

Question 7

Who owns a common property of a strata corporation

Answer 7

The strata lot owner owns an appropriate share of the common property based on his unit entitlement

Question 8

The interest that is acquired by a purchaser of strata lot is

Answer 8

The fee simple interest in strata lot in a few simple interest as a tenant in common with the other strata lot owners in the common property

Question 9

Obligation to exercise the powers and perform the duties of the strata corporation

Answer 9

The obligation to obtain the maintain property insurance of the common property

Question 10

Which of the following statements comparing co-ops and condos is true

Answer 10

Purchasers of condos will gently find it easier to finance the purchase then will purchase the co-ops

Question 11

Which of the following statements comparing condos and co-ops is faults

Answer 11

Purchasers of both cup condos and co-ops a acquire ownership of a fee simple interest in land