Module 2

Question 1

Insurance required for condo corps to have

Answer 1

1. property insurance (for units due to fire, flooding etc)

2. Liability insurance (coverage for lawsuits against the corp)

Question 2

Maintenance fee =

Answer 2

approved budget x % of held title /12

Question 3

Permission to install exclusive use elements will be found on

Answer 3

the status certificate

Question 4

Bad tenant-to-owner occupancy

Answer 4

25% or higher

Question 5

must be allocated in the developers 1st year budget and set aside as soon as the condo corp is registered

Answer 5

reserve fund

Question 6

Reserve funds are for

Answer 6

major repairs, replacement of common eles and other corp assets

Question 7

reserve fund studies are conducted every

Answer 7

3 years

Question 8

reserve fund study for new corps are required within

Answer 8

the first year of registration

Question 9

Contains information on:
- budget
- common expense payable
disclosure of legal action being taken against the corp
- corp address for service, info on directors/officers

Answer 9

status certificate

Question 10

Approval of agreement

Answer 10

it is necessary for a seller to obtain approval from a condo corp in a condo resale

Question 11

If a unit owner chooses not to pay their portion of a special assessment fee a

Answer 11

lien will be placed on the unit within 90 days

Question 12

GDS ratio

Answer 12

(PIT(H) + 50% of condo fees) / net income

Question 13

Good GDS ratio

Answer 13

lower than 35%

Question 14

Toal living area identified in the description

Answer 14

includes any exculsive use common ele

Question 15

anticipated expenditures made from the reserve fund in the current fiscal year can be found in

Answer 15

the status certificate

Question 16

Issues for buyers of condo which have alterations without approval

Answer 16

• Will have to pay to get it restored

- ineligible for insurance

Question 17

Condo appraisals must pay attention to the

Answer 17

• competency of the corp/directors
• health of reserve fund
• condition of common eles

Question 18

Annual general meetings should occur within

Answer 18

6 months after the year-end

Question 19

Where to check if a condo management provider is licensed

Answer 19

condo management regulatory authority of ON’s public registry

Question 20

Implementation of a special assessment can be found on

Answer 20

schedule D of the declaration

Question 21

Condo corps are required to complete an annual audit within

Answer 21

6 months of the fiscal year end