Alberta Real Estate Licensing Exam Practice · Question
A condominium corporation needs to undertake a major roof replacement costing $300,000. Their reserve fund currently holds $100,000, and no immediate significant contributions are expected. The corporation has 50 units with equal unit factors. If they decide to implement a special levy to cover the shortfall, what would be the amount per unit?
The shortfall is $300,000 (total cost) - $100,000 (reserve fund) = $200,000. With 50 units, the special levy per unit would be $200,000 / 50 units = $4,000. Thi
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Question: A condominium corporation needs to undertake a major roof replacement costing $300,000. Their reserve fund currently holds $100,000, and no immediate significant contributions are expected. The corporation has 50 units with equal unit factors. If they decide to implement a special levy to cover the shortfall, what would be the amount per unit?
Answer options:
- $2,000
- $3,000
- $4,000 ✅ $5,000
Correct answer: $5,000
Explanation: The shortfall is $300,000 (total cost) - $100,000 (reserve fund) = $200,000. With 50 units, the special levy per unit would be $200,000 / 50 units = $4,000. This levy would be in addition to regular condo fees.
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