Financial Planning Exam Review
Questions and Answers Graded A+
After 7 years. - Correct answer-When must all corporation financial records be
destroyed?
General Licence Holder for property manager must have obtained at least 2 years
and complete four educational courses - Correct answer-What are the requirements
for a property manager to have in term of receiving the general license.
Condominium Manager - Correct answer-Which of the following individuals and
professions cannot conduct a reserve fund study?
True. The corporation is required to submit the completed performance audit to
Tarion - Correct answer-True or False: The corporation is required to submit the
completed performance audit to Tarion prior to the end of the eleventh month
False. Need to board of directors decision - Correct answer-True or False: A social
committee has the right to make decisions and carry out activities in a
condominium without the board of directors
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,False. The condominium manager has the obligation for everything. - Correct
answer-True or False: A condominium manager has an obligation only to the
management company that employs them
False. The mediator hear both side and not making a binding decision. - Correct
answer-True or False: A mediator acts like a judge in a dispute, hearing arguments
from both sides and making a binding decision
False. They need to give reasons why terminating the employee - Correct answer-
True or False: Terminating an employee within the first four months of their
employment without cause can be done without financial compensation
all of the above - Correct answer-Knowing when religious and cultural festivals,
statutory holidays and major sporting events occur allows
Performance Bond - Correct answer-Which of the following is the documents to be
submitted by a contractor to ensure they will enter into the contract if awarded
True. Everyone paid - Correct answer-True or False: The operations of the
CMRAO are funded through licensing fees charged to condo managers and condo
management providers
All of the above - Correct answer-A condo manager should declare a conflict of
interest with a contract
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, True. Fiduciary means the highest level of trust and legal obligation. - Correct
answer-True or False: Fiduciary means the highest level of trust
1. Seal of the corporation
2. Minute Book of corporation - Correct answer-Under the condo act, 1998, what is
the declarant required to turn over the AT the turnover meeting
To keep the meeting moving to accomplish all the agenda items - Correct answer-
The role of the chairperson at a board meeting is
1. Citizenship
2. race
3. place of origin
4. colour - Correct answer-The Human rights code prohibits actions that
discriminate against people based on the following:
True. The corporation does offers that to everyone. - Correct answer-True or False:
The corporations insurance policy offers protection to the corporation, all
registered owners, all registered mortgagees and management
False. Need 24 hours notice before entering the unit - Correct answer-True or
False: Management is required, under the condo act to give 72 hours of notice
before entering a unit
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
Questions and Answers Graded A+
After 7 years. - Correct answer-When must all corporation financial records be
destroyed?
General Licence Holder for property manager must have obtained at least 2 years
and complete four educational courses - Correct answer-What are the requirements
for a property manager to have in term of receiving the general license.
Condominium Manager - Correct answer-Which of the following individuals and
professions cannot conduct a reserve fund study?
True. The corporation is required to submit the completed performance audit to
Tarion - Correct answer-True or False: The corporation is required to submit the
completed performance audit to Tarion prior to the end of the eleventh month
False. Need to board of directors decision - Correct answer-True or False: A social
committee has the right to make decisions and carry out activities in a
condominium without the board of directors
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,False. The condominium manager has the obligation for everything. - Correct
answer-True or False: A condominium manager has an obligation only to the
management company that employs them
False. The mediator hear both side and not making a binding decision. - Correct
answer-True or False: A mediator acts like a judge in a dispute, hearing arguments
from both sides and making a binding decision
False. They need to give reasons why terminating the employee - Correct answer-
True or False: Terminating an employee within the first four months of their
employment without cause can be done without financial compensation
all of the above - Correct answer-Knowing when religious and cultural festivals,
statutory holidays and major sporting events occur allows
Performance Bond - Correct answer-Which of the following is the documents to be
submitted by a contractor to ensure they will enter into the contract if awarded
True. Everyone paid - Correct answer-True or False: The operations of the
CMRAO are funded through licensing fees charged to condo managers and condo
management providers
All of the above - Correct answer-A condo manager should declare a conflict of
interest with a contract
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, True. Fiduciary means the highest level of trust and legal obligation. - Correct
answer-True or False: Fiduciary means the highest level of trust
1. Seal of the corporation
2. Minute Book of corporation - Correct answer-Under the condo act, 1998, what is
the declarant required to turn over the AT the turnover meeting
To keep the meeting moving to accomplish all the agenda items - Correct answer-
The role of the chairperson at a board meeting is
1. Citizenship
2. race
3. place of origin
4. colour - Correct answer-The Human rights code prohibits actions that
discriminate against people based on the following:
True. The corporation does offers that to everyone. - Correct answer-True or False:
The corporations insurance policy offers protection to the corporation, all
registered owners, all registered mortgagees and management
False. Need 24 hours notice before entering the unit - Correct answer-True or
False: Management is required, under the condo act to give 72 hours of notice
before entering a unit
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
