Chapter 7 Strata Plan Flashcards
Which of the following correctly completes the sentence: In a strata plan, the term “unit entitlement” refers to:
A. the value of each condominium unit relative to other units.
B. the share of the value on demolition owned by each condominium unit owner.
C. the share of real property taxes payable by each condominium unit owner.
D. the figure used to calculate a strata owner’s contribution to the common expenses of the strata corporation.
(1) B, C and D only
(2) A and C only
(3) C and D only
(4) Only D
4
Common property in a strata title development is:
(1) owned equally by all members of the strata corporation.
(2) owned by the strata corporation.
(3) owned jointly by the strata corporation and the strata council.
(4) any property not designated as strata lots on a strata plan.
4
A strata plan is:
(1) a plan contained in the disclosure statement filed with the superintendent which shows the developer’s goals for the development.
(2) filed in the land title office and designates which parts of a strata project are strata lots and which are common property.
(3) used for all condominiums or cooperative developments.
2
Consider a building for which a strata plan was filed in August of 2001. In the event that the building is destroyed and the strata corporation passes a resolution not to rebuild, how will the proceeds of any insurance policy be distributed?
(1) equally between all owners
(2) according to the unit entitlement of the individual strata lot owners
(3) according to the value each strata lot bears to the total value of all lots (values determined at the inception of the project)
(4) according to a conversion schedule based upon the most recent assessed values of the strata lots.
4
A strata plan is:
(1) filed in the Land Title Office and designates which parts of a strata project are strata lots and which are common property.
(2) used only for condominium or cooperative developments.
(3) required only when creating five or more strata lots.
(4) all of the above.
1
Which of the following best describes the “strata corporation”?
(1) the individual strata owners collectively, once the strata plan has been deposited at the land title office
(2) a body of three to seven elected representatives from among the owners of the strata lots
(3) a corporation formed by a group of individuals who possess an undivided joint ownership interest in the land and/or buildings
(4) a group of professional managers hired by a condominium project to handle the matters affecting the security and maintenance of the common property, facilities and assets of the condominiums
1
According to the Strata Property Act, which of the following statements is TRUE?
(1) A unanimous vote of 100% of the members of a strata corporation is usually required to approve an amendment to the bylaws of the corporation.
(2) An estate in fee simple is created for each individual strata lot by the registration, and approval of the registrar of land titles, of a strata plan.
(3) The condominium concept can be utilized only for residential projects.
(4) Before a strata plan can be registered in the land title office, all of the strata lots must be presold.
2
Which of the following is FALSE with respect to strata lot ownership?
(1) The sole purpose of creating a strata corporation is to limit the liability of the corporation members.
(2) The concept of ownership of part of a building is an ancient one, now recognized by provincial legislation.
(3) A strata development is a special way of subdividing land and buildings into parts for separate ownership with common features.
(4) A strata corporation is permitted to pass a bylaw limiting the number of strata lots which may be leased by the corporation members, where the strata plan is entirely or partially residential.
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