The Condominium Property Act requires a Reserve Fund Study to be conducted how often for condominium corporations that are five years old or older?

Question: The Condominium Property Act requires a Reserve Fund Study to be conducted how often for condominium corporations that are five years old or older?

Answer options:

• Every 3 years ✅ At least every 5 years
• Every 10 years
• Only when major repairs are anticipated

Correct answer: At least every 5 years

Explanation: According to Section 30.1(3) of the Condominium Property Act, a condominium corporation that is 5 years old or older must obtain a reserve fund study at least once every 5 years. This ensures the fund remains adequately planned for future expenses.