A buyer, Mr. Henderson, is interested in a strata unit in a building constructed in 1995. His real estate licensee, Chloe, advises him that the building is exempt from needing a depreciation report. Under what condition would a strata corporation be exempt from obtaining a depreciation report under the Strata Property Act?

Question: A buyer, Mr. Henderson, is interested in a strata unit in a building constructed in 1995. His real estate licensee, Chloe, advises him that the building is exempt from needing a depreciation report. Under what condition would a strata corporation be exempt from obtaining a depreciation report under the Strata Property Act?

Answer options:

• A. If the strata corporation has fewer than 5 strata lots. ✅ B. If the strata corporation unanimously votes to waive the requirement annually.
• C. If the building's projected maintenance costs are less than $50,000 over 30 years.
• D. If the strata corporation is a bare land strata plan.

Correct answer: B. If the strata corporation unanimously votes to waive the requirement annually.

Explanation: Under the Strata Property Act, a strata corporation can waive the requirement for a depreciation report by a 3/4 vote at an annual or special general meeting. The exemption for small strata corporations is no longer applicable.