RECA - FUNDAMENTALS STUDY GUIDE
UNIT 8 QUESTIONS AND ANSWERS
What are Board Meetings? - Answer-Meetings only include those in the Board of
Directors and addresses affairs in the condominium corporation. Advisors like condo
managers can attend
What are the roles in the board of directors? - Answer-President, Vice-President,
Secretary, Treasurer
What are Committee Meetings? - Answer-Involves some directors or volunteers to
consider a specific issue
What are General Meetings? - Answer-All Board of Directors and all members of the
condominium corporation. Usually scheduled and used to convey information and
decisions regarding specific issues
Extraordinary Meetings - Answer-All Board of Directors and all members of the
condominium corporation for subjects that require immediate attention
Annual General Meeting - Answer-New Board of Directors is elected, new budget etc
What are exclusive use areas? - Answer-Common property that is permanently leased
to individual owners
What is Self Management? - Answer-The condominium corporation through it's
representatives, is responsible for carrying out all duties related to the condominium.
What are some qualities needed for an effective board of directors? - Answer-Role
Clarity, Strategic Planning, Communication, Transparency, Integrity, Respectfulness,
Accountability
What are things that a condominium manager requires a RECA authorization for? -
Answer-Offering to rent/lease real estate
Advertising, negotiating, and performing any activities related to rental/lease of real
estate
Holding monies related to rental/rent in trust funds
When a condominium is being mismanaged, what is appointed by the courts? - Answer-
Condominium Administrators
In terms of rentals/lease agreements in condominiums, what legislation does it follow? -
Answer-Residential Tenancies Act and the Condominium Property Act. The latter takes
precedent
, What are the ways in which a condominium corporation generates revenue? - Answer-
Month contributions
If there is insufficient funds, a special assessment
What are the separate funds held by condominiums? - Answer-Operating Fund
Reserve Fund
What is the operating fund used for? - Answer-Regular reoccurring expenses
How are Reserve Plans created? - Answer-Reserve fund study
Reserve fund report
Reserve fund plan
Balance Sheet - Answer-Shows what the condominium owes on a date. It is Assets =
Liabilities + Equity
Income Statement - Answer-A financial statement showing the revenue and expenses
for a fiscal period.
Cash Flow Statement - Answer-A summary that shows total income and spending for a
given time period
Condominium Plan - Answer-Are survey plans created by Alberta Land Surveyors and
registered with Alberta land titles
Conventional Condominium Plans - Answer-Units are defined spaces within a structure
where boundaries are defined by an interior finish on floors, walls, ceilings.
Bare Land Condominiums - Answer-Units are parcels of land.
Barely Blended Condominiums - Answer-Condominium plan that divides a parcel of
land into smaller units with boundaries
Condominium Additional Plan Sheet - Answer-Basically a RPS for the whole
condominium
What are some types of parking arrangements? - Answer-Titled - Solid Bold Lines
Exclusive Use --- Dashed Lines
Assigned = not illustrated
Condominium Bylaws - Answer-Unique to every condominium, may prohibit pets
What is the process for drafting Meeting Minutes? - Answer-Record Meeting
Proceedings
Develop Draft Meeting Minutes
UNIT 8 QUESTIONS AND ANSWERS
What are Board Meetings? - Answer-Meetings only include those in the Board of
Directors and addresses affairs in the condominium corporation. Advisors like condo
managers can attend
What are the roles in the board of directors? - Answer-President, Vice-President,
Secretary, Treasurer
What are Committee Meetings? - Answer-Involves some directors or volunteers to
consider a specific issue
What are General Meetings? - Answer-All Board of Directors and all members of the
condominium corporation. Usually scheduled and used to convey information and
decisions regarding specific issues
Extraordinary Meetings - Answer-All Board of Directors and all members of the
condominium corporation for subjects that require immediate attention
Annual General Meeting - Answer-New Board of Directors is elected, new budget etc
What are exclusive use areas? - Answer-Common property that is permanently leased
to individual owners
What is Self Management? - Answer-The condominium corporation through it's
representatives, is responsible for carrying out all duties related to the condominium.
What are some qualities needed for an effective board of directors? - Answer-Role
Clarity, Strategic Planning, Communication, Transparency, Integrity, Respectfulness,
Accountability
What are things that a condominium manager requires a RECA authorization for? -
Answer-Offering to rent/lease real estate
Advertising, negotiating, and performing any activities related to rental/lease of real
estate
Holding monies related to rental/rent in trust funds
When a condominium is being mismanaged, what is appointed by the courts? - Answer-
Condominium Administrators
In terms of rentals/lease agreements in condominiums, what legislation does it follow? -
Answer-Residential Tenancies Act and the Condominium Property Act. The latter takes
precedent
, What are the ways in which a condominium corporation generates revenue? - Answer-
Month contributions
If there is insufficient funds, a special assessment
What are the separate funds held by condominiums? - Answer-Operating Fund
Reserve Fund
What is the operating fund used for? - Answer-Regular reoccurring expenses
How are Reserve Plans created? - Answer-Reserve fund study
Reserve fund report
Reserve fund plan
Balance Sheet - Answer-Shows what the condominium owes on a date. It is Assets =
Liabilities + Equity
Income Statement - Answer-A financial statement showing the revenue and expenses
for a fiscal period.
Cash Flow Statement - Answer-A summary that shows total income and spending for a
given time period
Condominium Plan - Answer-Are survey plans created by Alberta Land Surveyors and
registered with Alberta land titles
Conventional Condominium Plans - Answer-Units are defined spaces within a structure
where boundaries are defined by an interior finish on floors, walls, ceilings.
Bare Land Condominiums - Answer-Units are parcels of land.
Barely Blended Condominiums - Answer-Condominium plan that divides a parcel of
land into smaller units with boundaries
Condominium Additional Plan Sheet - Answer-Basically a RPS for the whole
condominium
What are some types of parking arrangements? - Answer-Titled - Solid Bold Lines
Exclusive Use --- Dashed Lines
Assigned = not illustrated
Condominium Bylaws - Answer-Unique to every condominium, may prohibit pets
What is the process for drafting Meeting Minutes? - Answer-Record Meeting
Proceedings
Develop Draft Meeting Minutes
