A buyer is considering a unit in a 40-lot BC strata. The strata council says the owners voted by a 3/4 vote to waive the depreciation report. Which statement should the buyer's licensee rely on?
Correct Answer
B) The waiver has no effect; a strata of 5 or more lots must obtain the report
The 3/4-vote waiver in Strata Property Act s. 94(3) has been repealed, and the regulation now requires a depreciation report at least once every 5 years. The only exemption is for strata plans with fewer than 5 strata lots (Strata Property Regulation s. 6.22), so a 40-lot strata cannot waive it.
Why This Is the Correct Answer
Section 94(3) is repealed, so no vote can waive the requirement. Regulation s. 6.22 exempts only strata plans with fewer than 5 lots, which does not cover a 40-lot strata.
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