Real Estate Council of Ontario - Condominium Corporation Registration

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

Manage financial investments

Enforce the Condominium Act

Develop and enforce condominium rules and bylaws (correct)

Handle property maintenance

What is the purpose of condominium rules?

Define the owner's share of common expenses

Document standard procedures for property maintenance

Set boundaries for each unit

Establish directives and regulations for the corporation (correct)

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

Financial reports for the corporation

Boundaries of each unit and common expenses share (correct)

Property maintenance guidelines

List of potential buyers

What do bylaws in a condominium corporation refer to?

Internal operations' standard procedures and requirements Signup and view all the answers

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

Registering the condominium corporation Signup and view all the answers

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

Declarant, usually a builder Signup and view all the answers

What are the common elements in a residential condominium?

Elevators, hallways, gardens Signup and view all the answers

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

Protecting Condominium Owners Act Signup and view all the answers

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

Establishment of delegated administrative authorities Signup and view all the answers

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

Unit owners Signup and view all the answers

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

The unit Signup and view all the answers

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

Protecting Condominium Owners Act Signup and view all the answers

What is responsible for creating a condominium corporation in law?

The declarant (builder) Signup and view all the answers

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

Governing structure Signup and view all the answers

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

Managing the affairs of the corporation Signup and view all the answers

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

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

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

To help buyers decide whether to proceed with the purchase Signup and view all the answers

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

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