Strata Management Licensing Practice Exam · Question
What is the primary purpose of a contingency reserve fund in a strata corporation?
The primary purpose of a contingency reserve fund (CRF) is to cover the cost of major repairs and replacements of common property, fixtures, and fittings that o
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Question: What is the primary purpose of a contingency reserve fund in a strata corporation?
Answer options: ✅ To cover major repairs and replacements of common property that occur less often than annually
- To pay for ongoing routine maintenance expenses
- To provide a fund for owner social events
- To supplement the operating budget for unexpected monthly deficits
Correct answer: To cover major repairs and replacements of common property that occur less often than annually
Explanation: The primary purpose of a contingency reserve fund (CRF) is to cover the cost of major repairs and replacements of common property, fixtures, and fittings that ordinarily occur less often than once a year, as mandated by provincial strata legislation.
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