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RECA Residential Unit 4 Questions with 100% Verified Answers
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RECA Residential Unit 4 Questions with 100% Verified Answers
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RECA Residential Unit 4 Questions with 100%Verified Answers
What does CADS stand for? - ✅✅Condominium Additional Document Sheet
Does the Condominium property Act include any requirements regarding the provision of
condominium documents for the purchase of resale condominium units - ✅✅No, it specifies
the condominium documents required for a transaction involving new, phased, or conversion
condominium units
How are new condominiums created? - ✅✅involve the creation of units and common areas
that had not existed before. These are created in brand new structures or on raw land through
the registration of a Condominium Plan with Alberta Land Titles
7 document requirements for new condominiums - ✅✅1. Purchase contract between
developer and buyer. 2. Condominium Plan or proposed condominium plan. 3. Condominium
bylaws (or proposed). 4. Management agreement (or proposed) if applicable 5. Recreational
agreement (or proposed) if applicable 6. Mortgage agreement 7. Developer warranty program
and extended Warranty certificate, if applicable
Are the same documents needed for new condominium units also needed for phased
condominium units? - ✅✅Yes, the developer must also provide a Phased Development
Disclosure Statement registered on the CADS.
7 things included in the Phased Development Disclosure statement registered on the CADS. -
✅✅1. Statement indicating that the building or land is to be developed in phases 2. Maximum
and minimum number of units in the entire project 3. Description of the units and common
property in initial and subsequent phases. 4. Basis for allocating unit factors within the
condominium corporation 5. Extent which the developer will contribute to the common
expenses during development of each phase 6. Effect on the owners' monthly contributions for
administrative expenses and the condominium corporation's budget if future phases are not
completed 7. Details of the proposed appearance for each phase and its compatibility with
other phases.
,What is the difference between documents needed for new condominiums and for conversion
condominiums? - ✅✅Almost the same but for conversion condominiums there would not be a
warranty or extended warranty program. Information regarding reserve fund (eg. Reserve Fund
study/report/plan) would be necessary for conversion condominiums.
When a condominium is self-managed by the Board of Directors, who should the seller be able
to secure the needed documents from? - ✅✅The President or Secretary of the Board
What is the address of service for a condominium corporation included on the CADS -
✅✅typically it is the name and address of the property management/condominium company
acting on its behalf
What is the definitive method to determine the condominium type being listed for sale and
whether a RPR is required? - ✅✅The condominium plan is the definitive method. They have a
Legend which describes how the surveyor determined the unit boundaries. Bare land unit
boundaries are described as the width and depth of lot. Other types of condominium units are
described in 3D (ie floors, walls and ceiling). A bare land condominium unit may also be referred
to as a bare land built-out unit once it is developed.
How can REPs find out if a condominium corp has placed or is planing to place a special
assessment? - ✅✅usually by reading the condominium corpos annual meeting minutes, board
minutes, financial statements and any notes to the financials. When self-managed, the
management company or the president of the board can confirm this information.
If a copy of the condominium documents is made, does that relieve the obligation of the Seller's
REP to retrieve the (copied) documents and return them to the seller? - ✅✅No, all confidential
information should be returned to the seller (regardless if it is a copy)
3 most convenient and timely things to search land titles for condominium documents through
SPIN2 - ✅✅Through SPIN2 find the following 1. Condominium Additional Document Sheets
(CADS) 2. Additional Condominium Documents 3. Linked Titles Numbers
, What is CADS? - ✅✅Condominium Additional Document Sheet. A document used to register
instruments (eg. encumbrances, financial obligations, pending litigation) for or against the
condominium plan and condominium corporation and land titles.
What information does CADS provide (x11) - ✅✅1. Short legal description of condominium
Plan 2. Registered name of condominium corporation 3. address for service for the
condominium corporation 4. name/address of property management (company) 5. #of units in
entire condominium 6. bylaws or registered changes to bylaws 7. board of directors info 8.
encumbrances registered (eg easements, restrictive covenants, utility right-of-way) 9. financial
obligations (loans, liens). 10. pending litigation 11. total number of instruments registered
against the CADS.
True or False - Sellers can disclose the existence of material latent defects any time before
there is an accepted purchase contract for the property. - ✅✅Correct, but the sooner the
better. If the buyer has already submitted an offer to purchase, they must be given the
opportunity to withdraw it
Who performs flood hazard studies for the purposes of mapping flood hazard areas, helping
Albertans identify properties that are at risk of flooding. - ✅✅Alberta Environment and
Sustainable Resource Development (ESRD)
What does ESRD stand for? - ✅✅Alberta Environment and Sustainable Resource Development
(ESRD)
What does 100-year flood event mean? - ✅✅refers to a flood that has a 1% chance of
occurring or exceeded in any given year.
Does a 100-year flood event mean this type of flood only occurs once every 100 years. -
✅✅No. It means there is a 1% chance that it will happen any given year
What is the difference between floodway and flood fringe - ✅✅fringe means on the edge of. In
this case the flood way is along the water banks most at risk of flooding if water levels rise and
flood fringe is the area next to the floodway farther away from the waterway.
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