Session 2

Question 1

What are some responsibilities of the property management

Answer 1

Prepare an annual operating budget, submit monthly operating statements, collect rents, condominium maintenance fees, and/or service charges, look after maintenance and repairs, arrange service contracts, arrange insurance coverage, pay operating expenses and property taxes, maintain landscaping, negotiate renewals of tenancy agreements, Lease vacant property/suites

Question 2

Property management duties fall into two areas of condominiums which are what

Answer 2

Occupant duties and building/complex duties

Question 3

According to the condominium property act regulation, condominium Corporations must have a reserve fund study done with and how many years of registration? Also, following that, the condominium Corporation must undertake they were deserved fun study every how many years?

Answer 3

Must be done within two years of registration and following that must undertake a reserve fund study every five years.