Strata (Condo) Law & Strata Property Act BC Flashcards
6 cards from real BC Real Estate Trading Services Course practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Strata (Condo) Law & Strata Property Act BC flashcards as text
In BC, the primary legislation governing strata corporations is:
Answer: Strata Property Act SBC 1998
The Strata Property Act SBC 1998 is the primary legislation governing the creation, management, and operation of strata corporations in British Columbia.
In BC strata law, 'common property' is defined as:
Answer: The portion of land and building not included in any strata lot
Common property under the Strata Property Act is all parts of the strata plan not included within the boundaries of any individual strata lot. Owners share an undivided interest in common property through their unit entitlement.
In BC, 'strata fees' paid by owners are used to fund:
Answer: The operating fund and contingency reserve fund of the strata corporation
Strata fees are contributions to the strata corporation's operating fund (for day-to-day expenses) and contingency reserve fund (for major future repairs and replacements).
Under the BC Strata Property Act, a strata corporation must have a 'contingency reserve fund' (CRF) which is used for:
Answer: Major unexpected and anticipated expenses and capital repairs
The CRF must be maintained for major capital expenditures and unexpected repairs — items like roof replacement, elevator repairs, or major plumbing work that exceed the operating budget.
In BC, a 'special levy' in a strata corporation is:
Answer: A one-time charge to all owners for an expense not covered by existing strata funds
A special levy is a one-time or non-recurring charge approved by strata owners to cover extraordinary expenses that exceed the contingency reserve fund or operating fund balance.
In BC strata law, the 'unit entitlement' determines:
Answer: Each owner's proportionate share of strata fees and voting rights in the strata corporation
Unit entitlement is assigned to each strata lot in the strata plan and determines each owner's proportionate share of common expenses (strata fees) and their voting entitlement at general meetings.