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Property Management > RETS / CHAPTER 7 / PART 1 > Flashcards

RETS / CHAPTER 7 / PART 1 Flashcards

1
Q

What is the name of the legislation governing strata properties in BC?

A

The Strata Property Act

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2
Q

True or False?

Only buildings may be subdivided using the strata concept.

A

Answer: False

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3
Q

**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.**

A

Answer: True

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4
Q

The bare land strata concept is often used in the development of recreational properties and manufactured home parks.

A

Answer: True

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5
Q

This is the strata corporation’s executive body?

A

Answer: The Strata Council

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6
Q

This is the strata corporation’s board of directors.

A

Answer: The Strata Council

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7
Q

**Complete this Statement

A strata corporation is automatically created when a _ _ _ _ _ _ _.**

A

**Answer:

A strata corporation is automatically created when a developer files a strata plan at the Land Title Office.**

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8
Q

**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.**

A

Answer: True

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9
Q

**True or False?

The strata corporation may interview prospective tenants.**

A

Answer: False

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10
Q

A strata is created by depositing a _______ _______ [two word answer] at the Land Title Office.

A

Answer:
strata plan

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11
Q

True or False?
Every strata plan must show the strata owners.

A

Answer: False

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12
Q

True or False?
Every strata plan must show the unit entitlement.

A

Answer: True

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13
Q

True or False?
Common property is owned equally by all strata owners.

A

Answer: False

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14
Q

_ _ _ _ _ _ is any part of a strata plan that is not a strata lot.

A

Answer: common property

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15
Q

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.

A

Answer: False

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16
Q

This is the common property designated for the exclusive use of one or more strata lots.

A

**ANSWER:

Limited Common Property**

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17
Q

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.

A

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.

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18
Q

True or False:
Rules can only regulate common property and common assets, while Bylaws can regulate common property, common assets and strata lots.

A

Answer: True

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19
Q

True or False?
Rules and Bylaws can regulate the Strata’s property, but only Bylaws can regulate what happens inside your home.

A

Answer: True

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20
Q

True or False:
Residential strata owners are accorded one vote per owner

A

Answer: False

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21
Q

**True or False?

A non-residential strata lot can have more than one vote if a Schedule of Voting Rights provides for it.**

A

Answer: True

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22
Q

Common property is owned collectively by the strata lot owners, as tenants in common. Individual ownership is proportional to _ _ _ _ _ _

A

ANSWER: THE STRATA LOT’S UNIT ENTITLEMENT

23
Q

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.

A

Answer: False

24
Q

True or False:
The strata council may pass rules governing the cleanliness and safety of individual strata lots

A

Answer: False

25
Q

What is the first step to resolve a neighbour disturbance.

A

ANSWER:
Appeal to the strata council

26
Q

True or False?
The strata corporation is created by the owners of the strata lots who share an undivided interest in the common property.

A

Answer: False

27
Q

True or False?
If a rule conflicts with a bylaw…the bylaw prevails.

A

Answer: True

28
Q

True or False?
The strata corporation owns the common property?

A

Answer: FALSE

29
Q

True or False?
When considering an application for a strata conversion, local council will take into consideration plans for relocating existing tenants.

A

Answer: True

30
Q

True or False?
The Schedule of Unit Entitlement determines the liability of each strata lot for strata fees and special assessments.

A

Answer: True

31
Q

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.

A

Answer: False

32
Q

True or False?
The strata scheme is self-enforcing

A

Answer: True

33
Q

True or False?
A strata plan is used for both strata developments and co-op developments.

A

Answer: False

34
Q

True or False?
A strata plan is only required when a developer is building 10 or more strata lots.

A

Answer: False

35
Q

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.

A

Answer: True

36
Q

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.

A

Answer: False

37
Q

True or False?
The strata corporation must keep a record of all tenants and owners.

A

Answer: True

38
Q

Mainly, the strata corporation oversees the common property and enforces the _ _ _ _

A

**ANSWER

Mainly, the strata corporation oversees the common property and enforces the BYLAWS**

39
Q

The _ _ _ _ _ _ _ are the members of the strata corporation. And the board of directors is called _ _ _ _ .

A

**ANSWER

The OWNERS OF THE STRATA LOTS are the members of the strata corporation. And the board of directors is called THE STRATA COUNCIL**

40
Q

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.

A

**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”).**

41
Q

Strata lot owners can designate common property as LCP by either ________ or through _________.

A

**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.**

42
Q

TRUE OR FALSE?
A developer can designate common property as LCP on the strata plan.

A

**ANSWER:

TRUE**

43
Q

**FILL IN THE BLANK

A bare land strata is governed by The Strata Property Act and refers to _ _ _ _ _**

A

**ANSWER:

. . . . refers to the subdivision of land into strata lots and common property.**

44
Q

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 _ _ _ _ _ _ _

A

ANSWER: Short Term Exclusive

45
Q

If a rule conflicts with a bylaw the _________ prevails.

A

ANSWER: BYLAW

46
Q

TRUE OR FALSE? Unlike a business corporation a strata corporation does not enjoy limited liability.

A

ANSWER: TRUE

47
Q

FILL IN THE BLANK: The Owner Developer can designate areas as LCP on the strata plan when it is deposited at _ _ _ _ _

A

ANSWER: The Land Title Office

48
Q

The strata corp must keep records of. . . .

A

**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.**

49
Q

Where an application is made to covert a non-stratified building into a strata building, city council will consider the following . . .

A

**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.**

50
Q

What are the FOUR duties of a strata corp?

A

ANSWER:
Duty to Manage,
Duty to Repair and Maintain,
Duty to Insure,
Duty to Keep Records.

51
Q

_______ __________ _________ [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.

A

ANSWER: AIR SPACE RIGHTS

52
Q

Explain how a strata lot is taxed?

A

Each strata lot, together with the owner’s share in the common property, is deemed to be a separate parcel of land and improvement.

53
Q

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

A

ANSWER: TRUE

54
Q

List 3 remedies a strata owner has to resolve a dispute with a strata corporation/strata council?

A

**ANSWER:

[1] sue for an INJUNCTION
[2] apply to the Supreme Court of BC
[3] arbitration**

Property Management (11 decks)

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