Module 1

Question 1

Protecting Condo Owners act establishes

Answer 1

condo authority of Ontario and management authority of Ontario

Question 2

Condo corps are made when the declarant

Answer 2

files a declaration and description to the land registry office

Question 3

Declaration contains

Answer 3

Boundaries of each suite and owner’s share of common ele

Question 4

Description contains

Answer 4

plans and surveys

Question 5

Owners of a common el corp must own a

Answer 5

freehold parcel of land

Question 6

Shared facilities agreement

Answer 6

should be used for a mixed-use property

Question 7

Reserve fund study

Answer 7

determines how much money needs to be in the fund to ensure repairs in the future

Question 8

Tribunal decisions can be appealed

Answer 8

on questions of law to the divisional court level

Question 9

loss of owners right to vote

Answer 9

if they are 30 days past due on the common elements fee

Question 10

If an owner does not pay common elements fee

Answer 10

condo corp can place a lien of the title of the unit plus interest & legal costs

Question 11

Condo acts gives owners who hold at least 15% of the units the right

Answer 11

to call a meeting at any time

Question 12

Condo disclosure statement contains

Answer 12

proposed first budget, condo declaration, bylaws, rules, condos proposed features and amenenties

Question 13

Within 10 days of a condo being registered the builder is required to

Answer 13

appoint a board of directiors (first board - 3 ppl)

Question 14

Goal of turnover meetings

Answer 14

transfer control of the condo corp from builder to the owners

Question 15

Turnover meetings must be held

Answer 15

no more than 21 days following the transfer of control

Question 16

Condo bylaws may protect directors

Answer 16

from exposure to liability & reimburse for legal fees

Question 17

Reserve fund study is updated

Answer 17

every 3 yrs

Question 18

W/i 6 months of being appointed directors must take

Answer 18

online training is finance and corporate proccesses

Question 19

Must call a meeting before the later of the 30th day after declarant transfers 20% or 90 days after the first unit is transferred

Answer 19

First board

Question 20

Responsible for drafting the corp’s bylaws and regulations

Answer 20

Developer

Question 21

Bylaws and rules must be consistent with the

Answer 21

decleration and the condo act

Question 22

Bylaws govern the

Answer 22

corp’s internal operations and management of property & assets

Question 23

Rules focus on

Answer 23

promoting safety, security and welfare of others

Question 24

Condo mangement regulatory authority of ontario has

Answer 24

a registry to verify management is still valid

Question 25

Insurance types for condo managers

Answer 25

fidelity (protects clients from the dishonesty of management) and errors and omissions

Question 26

Periodic info certificates

Answer 26

sent twice per fiscal year, includes key info about a corp (board, finances, insurance, reserve fund)

Question 27

info certificate updates

Answer 27

sent to owners w/i 30 days of key changes

Question 28

New owner info certificates

Answer 28

sent to new owners within 30 days after they sent written notice

Question 29

Has exclusive jurisdiction to resolve most disputes record retention and access

Answer 29

condominium authority tribunal

Question 30

Licensed condo management must not be employed by

Answer 30

more than 1 management provider (must obtain written consent if not)

Question 31

Required to hold insurance

Answer 31

condo management providers

Question 32

if there is a change in the insurance of a condo management providers

Answer 32

must notify client w/i 15 days

Question 33

establishes the legal structure of the corp

Answer 33

decleration

Question 34

plans for the property as approved in the development app process

Answer 34

description

Question 35

Name of a condo corp

Answer 35

based on location & a sequential number (includes corp's type (standard, common ele)

Question 36

Maintains a public registry of corporations and all of their details

Answer 36

condo authority of ontairo

Question 37

If an owner leases their unit they must

Answer 37

notify the corporation within 10 days (and provide all of the renter's info and lease agreement)

Question 38

Required to keep a index of condo corps registered in their area

Answer 38

land registar

Question 39

Act applies to an owner renting out their condo unit

Answer 39

residential tenancies act

Question 40

Warranty coverage begins on

Answer 40

the date of possession and remains until the end of the warranty period

Question 41

Warranty coverage begins on

Answer 41

the date of possession and remains until the end of possession and remains in effect if unit is sold (and warranty has not expired)

Question 42

New Home Warranties Plan Act for Condos provides 7 year warranty for

Answer 42

major structural defects

Question 43

Common elements are covered for the lesser of

Answer 43

$50,000 x # of units OR $2.5 mil

Question 44

Conversion projects dont have this type of warranty

Answer 44

one year workmanship and materials warranty

Question 45

May extend this date multiple times but must give 90 days noticed

Answer 45

outside occupancy date

Question 46

Warranty of common elements of a condo begins on the date

Answer 46

of registration of the corp

Question 47

lists rules and financial status of the corp, condo features & amenities, budget for first year after registration, rules and bylaws

Answer 47

Disclosure statement drafted by the builder

Question 48

lists rules and financial status of the corp, condo features & amenities, budget for first year after registration

Answer 48

Disclosure statement drafted by the builder

Question 49

Disclosure statements to new condos are what

Answer 49

status certificates are for resale condos

Question 50

10-day cooling off period on applies to

Answer 50

purchase of new condo units

Question 51

If the APS allows the builder to extend occupancy date, permits cap on adjustments fees, assignment agreements

Answer 51

should be reviewed during cooling off period

Question 52

Period between occupancy and ownership

Answer 52

interim occupancy (buyers take occupancy before corp is registered)

Question 53

paid during interim occupancy period (taxes, common expense contribution, etc) (similar to rent, do not go towards retiring a mortgage)

Answer 53

occupancy fees

Question 54

pre-delivery inspection is prior to taking possession and is mandated by

Answer 54

the provincial warranty program

Question 55

Mortgage funds can only be advanced to a buyer when that buyer

Answer 55

takes title to the condo unit (can only happen when the condo corp is registered)

Question 56

Agreement that's purpose is to hand over contractual rights and responsibilities of the original contract while protecting legal rights of s&b

Answer 56

assignment agreement

Question 57

Ownership of a unit cannot pass to a buyer untill the condo is

Answer 57

registered and the title is transferred

Question 58

Risks associated with assigning an agreement

Answer 58

- May not qualify for financing | - May not be eligible for at HST rebate

Question 59

HST for pre-construction condos

Answer 59

included in purchase price

Question 60

Taxes paid on closer

Answer 60

provinical land transfer tax (+municipal if in toronto)

Question 61

Who pays land transfer tax on a pre-construction assignment

Answer 61

assignee

Question 62

Leasehold condo

Answer 62

cannot be less than 40 years or longer than 99 years

Question 63

Assignor will owe

Answer 63

capital gains