Owners Corporation Maintenance Plan Quiz

An owners corporation needs a special resolution to commence legal proceedings unless the matter is within the Magistrates' Court's jurisdictional limit, and an ordinary resolution authorizes it.

An owners corporation can sue in the Magistrates' Court, VCAT, other tribunals, or courts in other states/territories if authorized by an ordinary resolution. This applies to matters within the Magistrates' Court's jurisdiction.

An owners corporation is not legally required to have or use a common seal. The common seal is a physical stamp or impression used to authenticate documents.

If an owners corporation has a common seal, it should include the corporation's name and the plan of subdivision number that created it. The seal's storage is determined by the corporation.

If an owners corporation has a common seal, it must not be used on a document unless authorized by law, regulations, or a resolution of the owners corporation.

The use of the common seal on a document requires witnessing by at least two owners of separate lots who are also members of the corporation.

A plan outlining the maintenance of major capital items in a building, including repair and replacement schedules, estimated costs, and expected lifetimes.

Significant building components with a long lifespan that require regular maintenance and eventual replacement.

The owners corporation must approve a maintenance plan before it takes effect.

The owners corporation can set conditions for how money from the maintenance fund is used.

An annual report to the building's residents on how the maintenance plan is being carried out.

A dedicated fund managed by the owners corporation to cover maintenance costs.

Money from annual fees, insurance payouts, interest earned, and other designated sources is paid into the maintenance fund.

The owners corporation determines how much of the annual fees goes toward the maintenance fund.

The Owners Corporation must have enough money in the maintenance fund to cover the costs outlined in the approved maintenance plan.

Money from the maintenance fund can be used for routine maintenance, repairs, and improvements as described in the approved maintenance plan.

The Owners Corporation can use money from the maintenance fund for important repairs or improvements that weren't planned for, but were necessary for the safety or wellbeing of the building or residents.

The Owners Corporation needs to report to the residents about what they spent from the maintenance fund for urgent matters.

Urgent matters are situations that require immediate attention to ensure safety or prevent significant damage to the building or residents.

The Owners Corporation is responsible for keeping the common property and its related features in good working order

Common property includes shared areas like hallways, elevators, and the building exterior.

Chattels are movable objects owned by the Owners Corporation, but not part of the building structure, like furniture or appliances in the common areas.

The Chairperson, Secretary, Manager (with committee authority), or in the absence of a committee, the Manager or a Lot Owner.

An agenda is a list of topics to be discussed at a meeting. In an Annual General Meeting, it's a detailed list of matters, including key organizational aspects and financial reports.

The Annual General Meeting must address matters like committee elections, manager appointment, insurance details, fee information, financial statements, budget, delegations, reports, and minutes of the previous meeting.

The person convening the Annual General Meeting needs to send a written notice to all lot owners at least 14 days before the meeting.

The notice must include the date, time, and place of the meeting; the agenda; any special resolutions; financial statements; the proposed budget; a statement about the right to appoint a proxy; any report to be considered; and minutes from the previous meeting.

A special general meeting is a meeting convened for a specific purpose beyond the regular agenda of an annual general meeting.

The owners corporation must follow specific guidelines about who can request a special general meeting. These usually depend on the proportion of lot owners supporting the request.

Special general meetings must address the specific purpose for which they were convened and no other business can be discussed.

A decision made by the manager of an owners corporation, on behalf of the corporation, that is effective immediately but subject to later ratification by the lot owners.

A decision passed by lot owners at a general meeting of the owners corporation. This type of resolution is binding on the owners corporation.

A resolution made by the owners corporation that requires the approval of all lot owners to be passed.

A resolution made by the owners corporation that requires a higher level of approval than a simple majority vote (usually a certain percentage of lot owners must agree)

A meeting of all lot owners of an owners corporation to discuss and decide on matters related to the property.

A record of the decisions made and discussions held at a general meeting.

The person who chairs the meeting of the lot owners. They may be elected from among the lot owners or be the manager of the owners corporation.

The person responsible for managing the affairs of the owners corporation, including the day-to-day operations of the property.

The Owners Corporation Act 2006 (NSW) sets out the legal framework for managing strata schemes in New South Wales. It defines the powers, responsibilities, and rights of owners corporations, lot owners, and occupiers.

The Owners Corporation Act 2006 (NSW) aims to ensure that strata schemes are managed effectively and fairly. It also aims to protect the interests of all lot owners and occupiers.

The Owners Corporation Act 2006 (NSW) defines key terms relevant to strata schemes. These definitions are used for clarity and consistency throughout the Act.

The Owners Corporation Act 2006 (NSW) outlines the functions of the owners corporation, which are responsible for managing the common property and providing services to all lot owners and occupiers.

The Owners Corporation Act 2006 (NSW) requires owners corporations to act in good faith. This means they must act honestly, fairly, and in the best interests of all lot owners.

The Owners Corporation Act 2006 (NSW) grants powers to the owners corporation to manage the common property and services. These powers include the ability to levy fees, borrow money, and make rules.

The Owners Corporation Act 2006 (NSW) categorizes owners corporations into five tiers based on the complexity of the strata scheme. Tier five owners corporations are for smaller subdivisions with only two lots.

The Owners Corporation Act 2006 (NSW) allows owners corporations to provide services to lot owners and occupiers. This includes services such as maintenance, security, and waste removal.

The Owners Corporation Act 2006 (NSW) prohibits owners corporations from carrying on any business activities unrelated to the management of the strata scheme.

The Owners Corporation Act 2006 (NSW) gives power to the owners corporation to lease or license the use of the common property. This is important for maximizing the use and value of the shared spaces.

The Owners Corporation Act 2006 (NSW) allows the owners corporation to acquire and dispose of personal property. This helps them maintain and improve the common property and provide essential services.

The Owners Corporation Act 2006 (NSW) prohibits owners corporations from mortgaging or charging the common property. This is a crucial protection for lot owners.

The Owners Corporation Act 2006 (NSW) empowers the owners corporation to take legal action in its own name to protect its interests and the interests of its members. This is important for enforcing rules and resolving disputes

The Owners Corporation Act 2006 (NSW) allows owners corporations to levy annual fees from lot owners to cover the costs of managing and maintaining the common property and services.

The Owners Corporation Act 2006 (NSW) allows the owners corporation to levy fees from lot owners related to insurance premiums that cover the common property and services. This helps ensure that the owners corporation can obtain adequate insurance coverage for its members.