A condominium corporation in Alberta is responsible for which of the following under the Condominium Property Act?
Correct Answer
D) Management and maintenance of common property and assets
Under Alberta's Condominium Property Act, the condominium corporation is responsible for managing and maintaining common property and assets of the condominium. Unit owners remain responsible for their individual units, while the corporation handles shared facilities and common elements.
Why This Is the Correct Answer
Option D is correct under Alberta's Condominium Property Act because the condominium corporation is specifically established to manage and maintain common property and assets. This includes all shared facilities, building exteriors, common areas, and amenities that benefit all unit owners collectively. The corporation has the legal authority and responsibility to make decisions about these common elements, levy fees for their maintenance, and ensure they remain in good condition for all residents' benefit.
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An Alberta condominium board wants to raise $500,000 through a special levy to build a new amenity room on the common property, which is a capital improvement. Under the Condominium Property Act, what owner approval is required before the board can approve the levy?