Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
|
A condominium in Alberta cannot exist without ______.
•The Corporation is responsible for _______. |
a Condominium Corporation the bylaws and the control, management and administration of the condominium, as well as the property of the condominium |
|
|
The Condominium Corporation will be assigned the same number as ______ by _____. |
the Condominium Plan the Land Titles Office
|
|
|
In addition to having the same rights and liabilities as any corporation, the Condominium Corporation can ______.
•In return, the corporation can be sued in respect to any matter connected with ______. |
sue for any damages caused to the common property the condominium for which the owners may be jointly liable
|
|
|
All the owners of units in the condominium are members of ________.
•Unlike shareholders under the Business Corporations Act, the owners do NOT enjoy ______. |
the Condominium Corporation limited liability |
|
|
An owner is liable for any ______ or _______.
•The owner can obtain a discharge against his or her interest by _____ based on his _____. |
judgments against the corporation liens against the corporation registered on title or against the plan payment of a portion of liability unit factor |
|
|
_______deals with voting rights in the corporation and bylaws
•These voting rights are based on _____.
•If a unit has more than one owner, the bylaws will address whether ______. |
Section 26 of the Condominium Property Act the unit factor the vote is shared based on the proportion of ownership |
|
|
The mortgagee may exercise _______, if it chooses, either personally or by proxy
•The mortgagee must have notified ______. |
voting rights in priority to the owner of the unit the corporation of the mortgage on the condo unit |
|
|
The mortgagee may exercise _______, if it chooses, either personally or by proxy
•The mortgagee must have notified ______. |
voting rights in priority to the owner of the unit the corporation of the mortgage on the condo unit |
|
|
If a unit has more than one mortgage, the priority of right to vote is:
•If a special resolution is required, only _____. |
1.First mortgagee 2.Owner 3.Other mortgagees in order of priority on title the mortgagee may vote
|
|
|
The mortgagee may exercise _______, if it chooses, either personally or by proxy
•The mortgagee must have notified ______. |
voting rights in priority to the owner of the unit the corporation of the mortgage on the condo unit |
|
|
If a unit has more than one mortgage, the priority of right to vote is:
•If a special resolution is required, only _____. |
1.First mortgagee 2.Owner 3.Other mortgagees in order of priority on title the mortgagee may vote
|
|
|
A general meeting of all owners must be held ______.
•If ______, the owner’s voting privileges are suspended for that unit |
at least once a year a unit is more than 30 days in arrears in condominium fees, |
|
|
______ set out how the Board of Directors is elected
•The Board of Directors carries out the powers of _____.
•The Board’s powers are subject to _______.
•Typically, the Board will hire a _______. |
The Condominium Corporation’s bylaws the Condominium Corporation the restrictions in the bylaws management company to carry out the day-to-day tasks of running the corporation |
|
|
Any changes to the Board of Directors must be _______ at the ______.
•Section 47(7) of the Condominium Property Act requires _____ |
filed “promptly” on the CAD file for the corporation at the Land Titles Office the corporation to provide directors’ insurance for the members of the Board |
|
|
Bylaws of the Condominium Corporation provide for: •3 -The bylaws are binding on _____, no matter when they acquire title, and are also binding on ______. |
The control, management and administration of the units •Management of the common property •Management of any other property (real or personal) owned by the corporation all owners. any tenants of the units |
|
|
When the Condominium Plan is registered, _______ automatically come into force •The bylaws can be repealed or amended from time to time by ______ but… |
the bylaws contained in an Appendix to the Condominium Property Act special resolution, |
|
|
What are some restrictions the condo board may place on individual units? |
Possible restrictions can include prohibiting pets, having a home business or age restrictions
•The bylaws may also allow condo fees to be charged other than in proportion to unit factors (this would allow for flexibility, for example, in multi-use buildings that have commercial premises on the main floor) |
|
|
Bylaws may be enforced through _____.
•The Court has the power to ______.
•_______will apply if the relief is not in the jurisdiction of the Provincial Court |
the Provincial Court Civil Division impose a fine for contravening a bylaw The Court of Queen’s Bench |
|
|
Rights of Condominium Owners Each owner has _____ – subject to ____. ▪Ex. Restriction on pets
•Owners may have exclusive use of ______ ▪Ex. Parking, storage, balcony, patio, etc. Right to _____and ______ as a tenant in common with _____. |
exclusive use and ownership of his or her unit bylaws of the corporation certain portions of the common property an undivided interest in the common property assets of the corporation the other unit owners in proportion to the unit factor
|
|
|
Power and duties of corporation. Which section |
37 |
