Alberta Real Estate Licensing Exam Practice · Question
Sarah is considering purchasing a condominium unit in Calgary. Her real estate associate, David, has advised her to obtain an estoppel certificate. What is the primary purpose of this document?
An estoppel certificate, often referred to as a Form 7 in Alberta, legally binds the condominium corporation to the information provided regarding the unit's st
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Question: Sarah is considering purchasing a condominium unit in Calgary. Her real estate associate, David, has advised her to obtain an estoppel certificate. What is the primary purpose of this document?
Answer options: ✅ To confirm the seller's outstanding contributions and any special levies on the unit.
- To provide a detailed history of all maintenance performed on the common property.
- To outline the condominium corporation's insurance policies for the entire building.
- To show the current market value of the condominium unit.
Correct answer: To confirm the seller's outstanding contributions and any special levies on the unit.
Explanation: An estoppel certificate, often referred to as a Form 7 in Alberta, legally binds the condominium corporation to the information provided regarding the unit's status, including outstanding contributions and special levies, as per the Condominium Property Act.
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