RECA Fundamentals Of Real Estate Unit 10 Questions And Answers Rated A+

2 types of insurance required under condo corp property act - Liability, and insurance against perils AGM - must be held within 15 months of last. next board is elected, must give 2 weeks notice and provide, Financial statements for previous year, annual report of reserve fund, annual next year Audits - ensure that the financial statements are reasonably accurate representation of the condo corps financial position bare land condo plans - units are parcels of land, the boundaries are defined by with and depth of of each parcel and are identified using survey monuments barely blended condo plan - in 2000 the condo property act was amended to allow units un bare land condos to be redivided into smaller units in buildings benefits of condos - available of Dif prices, avail in a number of Dif styles, owner may achieve a greater sense of being part of a community and security, owners typically have freedom of maintenance board meeting - also known as the condo board should meet as often as needed to discuss dayday management Calculating UF - total Budget requirement X (UF per unit/10,000) = contributioncertificate of insurance - purpose is to protect against damages and loss, typically unexpected, unintentional, or accidental, comercial condos - office towner (doctors)