RCM - Admin Exam 2023 with complete solution
What are the three laws that protect condo owners when buying and living in a condo?
Condominium Act, Condominium Management Services Act, and the Ontario New Home Warranties Plan Act
What does the Condo Act do?
Regulates how condominium corporatio...
RCM - Admin Exam 2023 with complete solution
What are the three laws that protect condo owners when buying and living in a
condo?
Condominium Act, Condominium Management Services Act, and the Ontario New
Home Warranties Plan Act
What does the Condo Act do?
Regulates how condominium corporations are created, owned, and governed
When did the Condominium Act, 1998 come into effect?
May 2001
What does the Condo Act entail?
Lays out the requirements for each of the governing documents, how they are created
and amended, and the requirement that they be consistent with the Condo Act
What does the CMSA do?
Establishes rules that condo managers and condo management companies must follow
What is the Ontario New Home Warranties Plan Act?
Establishes deposit protection, warranty program, and dispute resolution with vendors
What is the CAO?
The Condominium Authority of Ontario
When was the CAO designated?
September 1 2017
What is the role of the CAO?
Aims to improve condominium living by providing services and resources for condo
owners, residents and directors
How is the CAO assessment fee calculated?
$12 per voting unit per year
What kind of services does the CAO offer?
Information, training for directors, dispute resolution through the CAT
What is the CAT?
The Condominium Authority Tribunal
What does the CAT do?
It is an online dispute resolution system
What is the CMRAO?
Condominium Management Regulatory Authority of Ontario
When was the CMRAO designated?
November 1 2017
What is the role of the CMRAO?
Oversees the legislative requirements mandated by the CMSA, regulates and licenses
managers and providers
How is a condominium created?
When the builder/declarant registers the declaration with the land registry office
What are some of the documents that assist in the governance of a
condominium?
Declaration, By-laws, rules, policies
What is a declaration?
A legal document that creates a condominium corporation
, What can be found in a Declaration?
Introduction, common expenses, common elements, units, maintenance and repairs
What are by-laws?
They describe how a condominium corporation will govern itself
How would a Board implement a new By-law?
Approves the by-law at a board meeting, approved by majority of owners at a meeting,
registered on title with the Land Titles Office
What are rules?
Promote everyone's safety, security, and welfare
What must the Board do if they want to change a rule?
Provide owner's with 30 days notice before it becomes effective
List the stages of a Development
Vision and acquisition, variance application and rezoning, final approval
What kinds of individuals may be involved in a new Development?
Developer, builder, architect, designer
What is a disclosure statement?
A document that the declarant must provide when an individual purchases a unit
What is included in a disclosure package?
All proposed by-laws, rules, declaration, agreements, and first years budget
What needs to be in place before a building can be occupied by residents?
The builder needs to satisfy that there is running water and an operational fire system
What are the two main types of condominiums?
Freehold and leasehold
List the three freehold condominium categories
Standard, common element, vacant land
What is a standard condominium corporation?
You own the unit and have an interest in the property's common elements/assets
What is a common element condominium corporation?
There are no units, owners enjoy the common elements and jointly fund their
maintenance/repair
What is a vacant land condominium corporation?
Land that is registered so that a structure/building can be built
Once the condominium corporation has been created, what is the first board
called?
The declarant-controlled board
What is the meeting called once a majority of units have been sold?
The turn-over meeting
What happens at the turn-over meeting?
The owners elect a new board to replace the declarant-controlled board
What is the timing of the turn-over meeting?
Within 21 days of the declarant no longer owning a majority of the units, the first board
must call the turn-over meeiting; it must then be held within 21 days after it has been
called
What is a condo conversion?
A condominium corporation created on existing property that was previously used for
other purposes
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