100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
RCM - Admin UPDATED Exam Questions and CORRECT Answers $9.99   Add to cart

Exam (elaborations)

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...

[Show more]

Preview 3 out of 18  pages

  • September 8, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RCM
  • RCM
avatar-seller
MGRADES
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

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

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

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.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79373 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart