Ontario Real Estate Licensing Exam Practice · Question
Maria is considering purchasing a resale condominium unit in Ottawa. Her real estate salesperson, David, explains the importance of reviewing specific documents before waiving any conditions. Which of the following documents is most crucial for Maria to review to understand the financial health and potential liabilities of the condominium corporation?
The Status Certificate (Form 13) provides critical information about the condominium corporation's financial status, including the reserve fund, special assessm
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Question: Maria is considering purchasing a resale condominium unit in Ottawa. Her real estate salesperson, David, explains the importance of reviewing specific documents before waiving any conditions. Which of the following documents is most crucial for Maria to review to understand the financial health and potential liabilities of the condominium corporation?
Answer options: ✅ The Status Certificate (Form 13)
- The Condominium Corporation's Annual Budget
- The most recent Property Tax Assessment
- The Building's Fire Safety Plan
Correct answer: The Status Certificate (Form 13)
Explanation: The Status Certificate (Form 13) provides critical information about the condominium corporation's financial status, including the reserve fund, special assessments, and any legal actions, as required by the Condominium Act, 1998.
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