Real Estate Council of Ontario - Condominium Corporation Registration

Real Estate Council of Ontario - Condominium Corporation Registration

Created by
@GainfulOnomatopoeia

Questions and Answers

What is the role of the board of directors in a condominium corporation?

Develop and enforce condominium rules and bylaws

What is the purpose of condominium rules?

Establish directives and regulations for the corporation

In the process of creating a condominium corporation, what is included in the declaration?

Boundaries of each unit and common expenses share

What do bylaws in a condominium corporation refer to?

<p>Internal operations' standard procedures and requirements</p> Signup and view all the answers

What is the process called when a declarant files a declaration and description at the Land Registry Office?

<p>Registering the condominium corporation</p> Signup and view all the answers

Which entity typically files a declaration and description to create a condominium corporation?

<p>Declarant, usually a builder</p> Signup and view all the answers

What are the common elements in a residential condominium?

<p>Elevators, hallways, gardens</p> Signup and view all the answers

Which Act regulates the creation, governance, and bylaws of condominiums in Ontario?

<p>Protecting Condominium Owners Act</p> Signup and view all the answers

What significant change did the revisions to the Condominium Act in 2015 bring about?

<p>Establishment of delegated administrative authorities</p> Signup and view all the answers

Who is responsible for sharing the costs of maintenance and repairs of common elements in a condominium?

<p>Unit owners</p> Signup and view all the answers

What makes up the private living space to which a condominium owner holds sole title?

<p>The unit</p> Signup and view all the answers

Which Act established the Condominium Authority of Ontario and the Condominium Management Regulatory Authority of Ontario?

<p>Protecting Condominium Owners Act</p> Signup and view all the answers

What is responsible for creating a condominium corporation in law?

<p>The declarant (builder)</p> Signup and view all the answers

What does the Condominium Act define in relation to condominium corporations?

<p>Governing structure</p> Signup and view all the answers

What is the main duty of the board of directors of a condominium corporation?

<p>Managing the affairs of the corporation</p> Signup and view all the answers

How does the Condominium Act outline the composition of the board of directors?

<p>It details the number of board members and how they are elected</p> Signup and view all the answers

What is the purpose of a disclosure statement required by the Condominium Act?

<p>To help buyers decide whether to proceed with the purchase</p> Signup and view all the answers

In what way does the corporation ensure unit owner compliance according to the Condominium Act?

<p>By penalizing unit owners who do not comply with declaration rules</p> Signup and view all the answers

More Quizzes Like This

Use Quizgecko on...
Browser
Browser