RCM - Admin UPDATED Exam Questions and CORRECT Answers
1 view 0 purchase
Course
RCM
Institution
RCM
RCM - Admin UPDATED Exam Questions
and CORRECT Answers
What are the three laws that protect condo owners when buying and living in a condo? -
CORRECT ANSWER- Condominium Act, Condominium Management Services Act, and the
Ontario New Home Warranties Plan Act
What does the Condo Act do? - CORRE...
RCM - Admin UPDATED Exam Questions
and CORRECT Answers
What are the three laws that protect condo owners when buying and living in a condo? -
CORRECT ANSWER- Condominium Act, Condominium Management Services Act, and the
Ontario New Home Warranties Plan Act
What does the Condo Act do? - CORRECT ANSWER- Regulates how condominium
corporations are created, owned, and governed
When did the Condominium Act, 1998 come into effect? - CORRECT ANSWER- May 2001
What does the Condo Act entail? - CORRECT ANSWER- 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? - CORRECT ANSWER- Establishes rules that condo managers
and condo management companies must follow
What is the Ontario New Home Warranties Plan Act? - CORRECT ANSWER- Establishes
deposit protection, warranty program, and dispute resolution with vendors
What is the CAO? - CORRECT ANSWER- The Condominium Authority of Ontario
When was the CAO designated? - CORRECT ANSWER- September 1 2017
What is the role of the CAO? - CORRECT ANSWER- Aims to improve condominium living
by providing services and resources for condo owners, residents and directors
How is the CAO assessment fee calculated? - CORRECT ANSWER- $12 per voting unit per
year
What kind of services does the CAO offer? - CORRECT ANSWER- Information, training for
directors, dispute resolution through the CAT
,What is the CAT? - CORRECT ANSWER- The Condominium Authority Tribunal
What does the CAT do? - CORRECT ANSWER- It is an online dispute resolution system
What is the CMRAO? - CORRECT ANSWER- Condominium Management Regulatory
Authority of Ontario
When was the CMRAO designated? - CORRECT ANSWER- November 1 2017
What is the role of the CMRAO? - CORRECT ANSWER- Oversees the legislative
requirements mandated by the CMSA, regulates and licenses managers and providers
How is a condominium created? - CORRECT ANSWER- 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? -
CORRECT ANSWER- Declaration, By-laws, rules, policies
What is a declaration? - CORRECT ANSWER- A legal document that creates a
condominium corporation
What can be found in a Declaration? - CORRECT ANSWER- Introduction, common
expenses, common elements, units, maintenance and repairs
What are by-laws? - CORRECT ANSWER- They describe how a condominium corporation
will govern itself
How would a Board implement a new By-law? - CORRECT ANSWER- 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? - CORRECT ANSWER- Promote everyone's safety, security, and welfare
, What must the Board do if they want to change a rule? - CORRECT ANSWER- Provide
owner's with 30 days notice before it becomes effective
List the stages of a Development - CORRECT ANSWER- Vision and acquisition, variance
application and rezoning, final approval
What kinds of individuals may be involved in a new Development? - CORRECT ANSWER-
Developer, builder, architect, designer
What is a disclosure statement? - CORRECT ANSWER- A document that the declarant must
provide when an individual purchases a unit
What is included in a disclosure package? - CORRECT ANSWER- 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? - CORRECT
ANSWER- The builder needs to satisfy that there is running water and an operational fire
system
What are the two main types of condominiums? - CORRECT ANSWER- Freehold and
leasehold
List the three freehold condominium categories - CORRECT ANSWER- Standard, common
element, vacant land
What is a standard condominium corporation? - CORRECT ANSWER- You own the unit and
have an interest in the property's common elements/assets
What is a common element condominium corporation? - CORRECT ANSWER- There are no
units, owners enjoy the common elements and jointly fund their maintenance/repair
What is a vacant land condominium corporation? - CORRECT ANSWER- Land that is
registered so that a structure/building can be built
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
