RENTAL PM / CHAPTER 6 / PART 1 Flashcards
STRATA PROPERTIES
What is the name of the legislation governing strata properties in BC?
The Strata Property Act
True or False?
Only buildings may be subdivided using the strata concept.
Answer: False
**TRUE OR FALSE?
A bare land strata is governed by The Strata Property Act and refers to the subdivision of land into strata lots and common property.**
Answer: True
The bare land strata concept is often used in the development of recreational properties and manufactured home parks.
Answer: True
This is the strata corporation’s executive body?
Answer: The Strata Council
This is the strata corporation’s board of directors.
Answer: The Strata Council
**Complete this Statement
A strata corporation is automatically created when a _ _ _ _ _ _ _.**
**Answer:
A strata corporation is automatically created when a developer files a strata plan at the Land Title Office.**
**True or False?
The Strata Property Act prohibits the strata corporation from filing a lien for money owing for a fine or for the cost of remedying the owner’s contravention of a bylaw or rule.**
Answer: True
**True or False?
The strata corporation may interview prospective tenants.**
Answer: False
A strata is created by depositing a _______ _______ [two word answer] at the Land Title Office.
Answer:
strata plan
True or False?
Every strata plan must show the strata owners.
Answer: False
True or False?
Every strata plan must show the unit entitlement.
Answer: True
True or False?
Common property is owned equally by all strata owners.
Answer: False
_ _ _ _ _ _ is any part of a strata plan that is not a strata lot.
Answer: common property
True or False:
For the purpose of taxation a strata owner will pay taxes on his/her strata lot while the strata corporation will pay taxes on the common property.
Answer: False
This is the common property designated for the exclusive use of one or more strata lots.
**ANSWER:
Limited Common Property**
True or False:
A strata owner owns the strata lot PLUS a fee simple interest of his or her proportionate share of the common property as a joint tenant with the other strata lot owners.
Answer: False
A strata owner owns the strata lot PLUS a fee simple interest of his or her proportionate share of the common property as a TENANT IN COMMON with the other strata lot owners.
True or False:
Rules can only regulate common property and common assets, while Bylaws can regulate common property, common assets and strata lots.
Answer: True
True or False?
Rules and Bylaws can regulate the Strata’s property, but only Bylaws can regulate what happens inside your home.
Answer: True
True or False:
Residential strata owners are accorded one vote per owner
Answer: False
**True or False?
A non-residential strata lot can have more than one vote if a Schedule of Voting Rights provides for it.**
Answer: True
Common property is owned collectively by the strata lot owners, as tenants in common. Individual ownership is proportional to _ _ _ _ _ _
ANSWER: THE STRATA LOT’S UNIT ENTITLEMENT
TRUE or FALSE:
The strata corporation is a professional services firm contracted by the strata council to take care of the maintenance and security of the property.
Answer: False
True or False:
The strata council may pass rules governing the cleanliness and safety of individual strata lots
Answer: False
What is the first step to resolve a neighbour disturbance.
ANSWER:
Appeal to the strata council
True or False?
The strata corporation is created by the owners of the strata lots who share an undivided interest in the common property.
Answer: False
True or False?
If a rule conflicts with a bylaw…the bylaw prevails.
Answer: True
True or False?
The strata corporation owns the common property?
Answer: FALSE
True or False?
When considering an application for a strata conversion, local council will take into consideration plans for relocating existing tenants.
Answer: True
True or False?
The Schedule of Unit Entitlement determines the liability of each strata lot for strata fees and special assessments.
Answer: True
True or False?
The strata corporation is usually comprised of 3 to 7 members and in larger developments, the strata corporation may hire a professional management company to help manage the corporation.
Answer: False
True or False?
The strata scheme is self-enforcing
Answer: True
True or False?
A strata plan is used for both strata developments and co-op developments.
Answer: False
True or False?
A strata plan is only required when a developer is building 10 or more strata lots.
Answer: False
True or False?
When determining if an existing apartment building may be converted to a freehold strata building, local council will consider the life expectancy of the building.
Answer: True
True or False?
When determining if an existing apartment building may be converted to a freehold strata building, local council will consider property tax revenues that will result from the conversion.
Answer: False
True or False?
The strata corporation must keep a record of all tenants and owners.
Answer: True
Mainly, the strata corporation oversees the common property and enforces the _ _ _ _
**ANSWER
Mainly, the strata corporation oversees the common property and enforces the BYLAWS**
The _ _ _ _ _ _ _ are the members of the strata corporation. And the board of directors is called _ _ _ _ .
**ANSWER
The OWNERS OF THE STRATA LOTS are the members of the strata corporation. And the board of directors is called THE STRATA COUNCIL**
The Strata Property Act (the “SPA”) creates three types of property within a strata corporation . . . List the three types of property within a strata corp.
**ANSWER:
The Strata Property Act (the “SPA”) creates three types of property within a strata corporation - the common property, the strata lots and something in between the two - limited common property (“LCP”).**
Strata lot owners can designate common property as LCP by either ________ or through _________.
**ANSWER:
The owners can designate common property as LCP by either amending the strata plan or through a vote at an annual or special general meeting.**
TRUE OR FALSE?
A developer can designate common property as LCP on the strata plan.
**ANSWER:
TRUE**
**FILL IN THE BLANK
A bare land strata is governed by The Strata Property Act and refers to _ _ _ _ _**
**ANSWER:
. . . . refers to the subdivision of land into strata lots and common property.**
Strata corporation may give an owner or tenant permission to exclusively use common assets or common property that is not designated as limited common property. This arrangement is called _ _ _ _ _ _ _
ANSWER: Short Term Exclusive
If a rule conflicts with a bylaw the _________ prevails.
ANSWER: BYLAW
TRUE OR FALSE? Unlike a business corporation a strata corporation does not enjoy limited liability.
ANSWER: TRUE
FILL IN THE BLANK: The Owner Developer can designate areas as LCP on the strata plan when it is deposited at _ _ _ _ _
ANSWER: The Land Title Office
The strata corp must keep records of. . . .
**ANSWER:
Duty to Keep Records, Minutes of annual and special general meetings, List of council members, List of owners, Mortgagees who have filed a Mortgagees Request for Notification,
List of tenants, List of assignments, Cash flows.**
Where an application is made to covert a non-stratified building into a strata building, city council will consider the following . . .
**ANSWER:
[1] the current & future mix of rental vs. owner occupied housing stock [2] Proposals for relocating existing tenants [3] Life expectancy of the building.**
What are the FOUR duties of a strata corp?
ANSWER:
Duty to Manage,
Duty to Repair and Maintain,
Duty to Insure,
Duty to Keep Records.
_______ __________ _________ [three word answer] are a type of property interest in real estate, referring to the “space” above land on the earth’s surface. Generally speaking, owning or renting land or a building gives one the right to use and develop the space above the land.
ANSWER: AIR SPACE RIGHTS
Explain how a strata lot is taxed?
Each strata lot, together with the owner’s share in the common property, is deemed to be a separate parcel of land and improvement.
TRUE OR FALSE? A bylaw which is passed by a strata corporation cannot be enforced against a strata lot owner unless or until it has been filed in the appropriate land title office
ANSWER: TRUE
List 3 remedies a strata owner has to resolve a dispute with a strata corporation/strata council?
**ANSWER:
[1] sue for an INJUNCTION
[2] apply to the Supreme Court of BC
[3] arbitration**
