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Humber Real Estate Course 3 > Module 1 > Flashcards

Module 1 Flashcards

1
Q

Protecting Condo Owners act establishes

A

condo authority of Ontario and management authority of Ontario

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2
Q

Condo corps are made when the declarant

A

files a declaration and description to the land registry office

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3
Q

Declaration contains

A

Boundaries of each suite and owner’s share of common ele

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4
Q

Description contains

A

plans and surveys

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5
Q

Owners of a common el corp must own a

A

freehold parcel of land

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6
Q

Shared facilities agreement

A

should be used for a mixed-use property

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7
Q

Reserve fund study

A

determines how much money needs to be in the fund to ensure repairs in the future

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8
Q

Tribunal decisions can be appealed

A

on questions of law to the divisional court level

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9
Q

loss of owners right to vote

A

if they are 30 days past due on the common elements fee

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10
Q

If an owner does not pay common elements fee

A

condo corp can place a lien of the title of the unit plus interest & legal costs

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11
Q

Condo acts gives owners who hold at least 15% of the units the right

A

to call a meeting at any time

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12
Q

Condo disclosure statement contains

A

proposed first budget, condo declaration, bylaws, rules, condos proposed features and amenenties

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13
Q

Within 10 days of a condo being registered the builder is required to

A

appoint a board of directiors (first board - 3 ppl)

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14
Q

Goal of turnover meetings

A

transfer control of the condo corp from builder to the owners

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15
Q

Turnover meetings must be held

A

no more than 21 days following the transfer of control

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16
Q

Condo bylaws may protect directors

A

from exposure to liability & reimburse for legal fees

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17
Q

Reserve fund study is updated

A

every 3 yrs

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18
Q

W/i 6 months of being appointed directors must take

A

online training is finance and corporate proccesses

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19
Q

Must call a meeting before the later of the 30th day after declarant transfers 20% or 90 days after the first unit is transferred

A

First board

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20
Q

Responsible for drafting the corp’s bylaws and regulations

A

Developer

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21
Q

Bylaws and rules must be consistent with the

A

decleration and the condo act

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22
Q

Bylaws govern the

A

corp’s internal operations and management of property & assets

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23
Q

Rules focus on

A

promoting safety, security and welfare of others

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24
Q

Condo mangement regulatory authority of ontario has

A

a registry to verify management is still valid

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25
Q

Insurance types for condo managers

A

fidelity (protects clients from the dishonesty of management) and errors and omissions

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26
Q

Periodic info certificates

A

sent twice per fiscal year, includes key info about a corp (board, finances, insurance, reserve fund)

27
Q

info certificate updates

A

sent to owners w/i 30 days of key changes

28
Q

New owner info certificates

A

sent to new owners within 30 days after they sent written notice

29
Q

Has exclusive jurisdiction to resolve most disputes record retention and access

A

condominium authority tribunal

30
Q

Licensed condo management must not be employed by

A

more than 1 management provider (must obtain written consent if not)

31
Q

Required to hold insurance

A

condo management providers

32
Q

if there is a change in the insurance of a condo management providers

A

must notify client w/i 15 days

33
Q

establishes the legal structure of the corp

A

decleration

34
Q

plans for the property as approved in the development app process

A

description

35
Q

Name of a condo corp

A

based on location & a sequential number (includes corp’s type (standard, common ele)

36
Q

Maintains a public registry of corporations and all of their details

A

condo authority of ontairo

37
Q

If an owner leases their unit they must

A

notify the corporation within 10 days (and provide all of the renter’s info and lease agreement)

38
Q

Required to keep a index of condo corps registered in their area

A

land registar

39
Q

Act applies to an owner renting out their condo unit

A

residential tenancies act

40
Q

Warranty coverage begins on

A

the date of possession and remains until the end of the warranty period

41
Q

Warranty coverage begins on

A

the date of possession and remains until the end of possession and remains in effect if unit is sold (and warranty has not expired)

42
Q

New Home Warranties Plan Act for Condos provides 7 year warranty for

A

major structural defects

43
Q

Common elements are covered for the lesser of

A

$50,000 x # of units OR $2.5 mil

44
Q

Conversion projects dont have this type of warranty

A

one year workmanship and materials warranty

45
Q

May extend this date multiple times but must give 90 days noticed

A

outside occupancy date

46
Q

Warranty of common elements of a condo begins on the date

A

of registration of the corp

47
Q

lists rules and financial status of the corp, condo features & amenities, budget for first year after registration, rules and bylaws

A

Disclosure statement drafted by the builder

48
Q

lists rules and financial status of the corp, condo features & amenities, budget for first year after registration

A

Disclosure statement drafted by the builder

49
Q

Disclosure statements to new condos are what

A

status certificates are for resale condos

50
Q

10-day cooling off period on applies to

A

purchase of new condo units

51
Q

If the APS allows the builder to extend occupancy date, permits cap on adjustments fees, assignment agreements

A

should be reviewed during cooling off period

52
Q

Period between occupancy and ownership

A

interim occupancy (buyers take occupancy before corp is registered)

53
Q

paid during interim occupancy period (taxes, common expense contribution, etc) (similar to rent, do not go towards retiring a mortgage)

A

occupancy fees

54
Q

pre-delivery inspection is prior to taking possession and is mandated by

A

the provincial warranty program

55
Q

Mortgage funds can only be advanced to a buyer when that buyer

A

takes title to the condo unit (can only happen when the condo corp is registered)

56
Q

Agreement that’s purpose is to hand over contractual rights and responsibilities of the original contract while protecting legal rights of s&b

A

assignment agreement

57
Q

Ownership of a unit cannot pass to a buyer untill the condo is

A

registered and the title is transferred

58
Q

Risks associated with assigning an agreement

A
  • May not qualify for financing

- May not be eligible for at HST rebate

59
Q

HST for pre-construction condos

A

included in purchase price

60
Q

Taxes paid on closer

A

provinical land transfer tax (+municipal if in toronto)

61
Q

Who pays land transfer tax on a pre-construction assignment

A

assignee

62
Q

Leasehold condo

A

cannot be less than 40 years or longer than 99 years

63
Q

Assignor will owe

A

capital gains

Humber Real Estate Course 3 (8 decks)

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