A buyer's status certificate shows that the corporation received a new reserve fund study two months ago, and the board has not yet sent owners anything about it. What does the Condominium Act, 1998 require of the board?
Correct Answer
D) The board must propose a funding plan within 120 days of receiving the study and notify owners
Section 94(8) of the Condominium Act, 1998 requires the board, within 120 days of receiving a reserve fund study, to review it and propose a plan for future funding of the reserve fund. Within 15 days of proposing the plan it must send owners a notice summarising the study and plan (s. 94(9)), and it implements the plan 30 days after that (s. 94(10)). Two months in, the board is still within its 120 days.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Residential Trading Question
Background Knowledge for Residential Trading
Real World Application in Residential Trading
Common Mistakes to Avoid on Residential Trading Questions
Key Terms
More Residential Trading Questions
What does a condition precedent in an offer to purchase allow the buyer to do?
What is the primary purpose of a buyer representation agreement in residential real estate transactions?
Which residential property type typically offers individual ownership of the unit plus a share in common elements?
What is the primary benefit of title insurance for residential property buyers?
In an Ontario resale offer, how long is the period for fulfilling or waiving a financing or inspection condition?
- → A buyer's lawyer requests a status certificate and pays the fee on May 1. The corporation never delivers it. After closing, the corporation claims the seller owed $3,000 in common expense arrears and demands it from the buyer, who relied on the silence. What is the effect under s. 76 of the Condominium Act, 1998?
- → A status certificate delivered to a buyer omits a $4,000 special assessment that the board levied against the unit after the current budget date to increase the reserve fund. The buyer relied on the certificate and closed. Under the Condominium Act, 1998, what is the result?
- → A seller's salesperson is estimating the buyer's costs of reviewing an Ontario condominium unit's status certificate. What is the most the corporation may charge for providing the certificate?
- → A listing salesperson expects offers next week on a resale condominium unit and knows buyers will want the status certificate. By when must the corporation give a status certificate once it is requested?
- → An investor buyer wants to know how many units in a condominium building were rented last year before making an offer. Which document must state the number of units for which the corporation received lease notices during the preceding fiscal year?
- → What is the most common type of residential property ownership in Canada?
- → A buyer reviewing a status certificate asks what the condominium's reserve fund may be spent on. Under the Condominium Act, 1998, what is the permitted purpose?
- → An established Ontario condominium corporation completed its most recent reserve fund study in 2024. Under O. Reg. 48/01, when must it complete its next reserve fund study?
- → The seller of a condominium unit got board approval and signed a registered s. 98 agreement with the corporation to install a hot tub on her exclusive-use terrace, taking on its repair and insurance costs. How does that agreement affect the buyer?
- → A seller is $6,000 behind in common expenses, and the corporation has registered a certificate of lien after giving proper notice to the seller's bank. How does the lien rank against the bank's first mortgage, which was registered years earlier?
People Also Study
Real Property Law
60 questions
Contracts & Agreements
60 questions
Agency & Professional Ethics
60 questions
Mortgage & Real Estate Finance
60 questions
Related Study Resources
Helpful Resources
Previous Question
A buyer's salesperson is calculating the net operating income of a small apartment building from the seller's statements. Which of these costs should NOT be deducted in arriving at net operating income?
Next Question
A buyer signs an agreement in March 2026 to buy a new freehold home from a builder for $850,000 and pays $120,000 in deposits. The builder then goes bankrupt and the sale never closes. Under Regulation 892 made under the Ontario New Home Warranties Plan Act, what is the most Tarion can pay on her deposit claim?