CONDO LAW FINAL EXAM REVIEW PART 3
QUESTIONS WITH ACTUAL ANSWERS
WHAT,ARE,THE,FIVE,TYPES,OF,CONDOMINIUMS,?,,ANS,-
Vacant,Land,,Standard,,Common,Element,,Phased,,Leasehold.
WHAT,IS,THE,%,OF,OWNER,APPROVAL,REQUIRED,TO,PASS,A,BY-LAW,?,,ANS,-
A,majority,of,all,unit,owners;,50%+1.
TRUE,/,FALSE,THE,FIRST,BOARD,OF,DIRECTORS,IS,APPOINTED,/,ELECTED,AT,THE,TURNOVER,MEETING.,,AN
S,-False.
WHERE,WOULD,WE,FIND,THE,%,INTEREST,RATE,THAT,NEEDS,TO,BE,CHARGED,BY,THE,CORPORATION,ON,
CEA,RECEIVABLES,(,arrears,),?,,ANS,-In,the,declaration.
WHAT,IS,THE,QUORUM,FOR,AN,OWNERS,MEETING,?,,ANS,-25%,owner's,present,or,by,proxy.
IN,THE,DECLARANT'S,BUDGET,WHAT,IS,THE,%,CONTRIBUTION,TO,THE,RESERVE,FUND,(,FIRST,BUDGET,),?,,
ANS,-10%
WHEN,PREPARING,A,STATUS,CERTIFICATE,.....WITHIN,HOW,MANY,DAYS,MUST,THE,RESERVE,FUND,BALA
NCE,BE,REFLECTIVE,?,,ANS,-90,days,from,the,request.
TRUE,/,FALSE,....IF,AN,OWNER,HAS,A,VALID,CLAIM,AGAINST,THE,CORPORATION,,THEY,CAN,HOLD,BACK,TH
EIR,FEES,TO,COMPENSATE,.....UP,TO,THE,AMOUNT,OF,THE,CLAIM?,,ANS,-False.
DOES,THE,BOARD,OF,DIRECTORS,REQUIRE,THE,APPROVAL,OF,THE,OWNERS,TO,INCREASE,THE,RESERVE,F
UND,CONTRIBUTION,?,,ANS,-No.
WHICH,DOCUMENTS,MUST,BE,PROVIDED,TO,THE,PURCHASERS,OF,THE,NEW,UNIT(S),BY,THE,DECLARANT,
?,,ANS,-Good,Disclosure,Statement,/,Condo,Guide,would,be,correct.
QUESTIONS WITH ACTUAL ANSWERS
WHAT,ARE,THE,FIVE,TYPES,OF,CONDOMINIUMS,?,,ANS,-
Vacant,Land,,Standard,,Common,Element,,Phased,,Leasehold.
WHAT,IS,THE,%,OF,OWNER,APPROVAL,REQUIRED,TO,PASS,A,BY-LAW,?,,ANS,-
A,majority,of,all,unit,owners;,50%+1.
TRUE,/,FALSE,THE,FIRST,BOARD,OF,DIRECTORS,IS,APPOINTED,/,ELECTED,AT,THE,TURNOVER,MEETING.,,AN
S,-False.
WHERE,WOULD,WE,FIND,THE,%,INTEREST,RATE,THAT,NEEDS,TO,BE,CHARGED,BY,THE,CORPORATION,ON,
CEA,RECEIVABLES,(,arrears,),?,,ANS,-In,the,declaration.
WHAT,IS,THE,QUORUM,FOR,AN,OWNERS,MEETING,?,,ANS,-25%,owner's,present,or,by,proxy.
IN,THE,DECLARANT'S,BUDGET,WHAT,IS,THE,%,CONTRIBUTION,TO,THE,RESERVE,FUND,(,FIRST,BUDGET,),?,,
ANS,-10%
WHEN,PREPARING,A,STATUS,CERTIFICATE,.....WITHIN,HOW,MANY,DAYS,MUST,THE,RESERVE,FUND,BALA
NCE,BE,REFLECTIVE,?,,ANS,-90,days,from,the,request.
TRUE,/,FALSE,....IF,AN,OWNER,HAS,A,VALID,CLAIM,AGAINST,THE,CORPORATION,,THEY,CAN,HOLD,BACK,TH
EIR,FEES,TO,COMPENSATE,.....UP,TO,THE,AMOUNT,OF,THE,CLAIM?,,ANS,-False.
DOES,THE,BOARD,OF,DIRECTORS,REQUIRE,THE,APPROVAL,OF,THE,OWNERS,TO,INCREASE,THE,RESERVE,F
UND,CONTRIBUTION,?,,ANS,-No.
WHICH,DOCUMENTS,MUST,BE,PROVIDED,TO,THE,PURCHASERS,OF,THE,NEW,UNIT(S),BY,THE,DECLARANT,
?,,ANS,-Good,Disclosure,Statement,/,Condo,Guide,would,be,correct.
