Strata Management Licensing Practice Exam · Question
What are strata fees primarily used for in a typical Canadian condominium or strata corporation?
Strata fees (or condominium fees) are collected from owners to cover the operating expenses, maintenance, repair, and replacement of common property and assets,
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Question: What are strata fees primarily used for in a typical Canadian condominium or strata corporation?
Answer options:
- To pay for individual owners' utility bills. ✅ To fund the operation, maintenance, and repair of common property and assets.
- To provide a direct profit for the strata council members.
- To cover the mortgage payments for individual units.
Correct answer: To fund the operation, maintenance, and repair of common property and assets.
Explanation: Strata fees (or condominium fees) are collected from owners to cover the operating expenses, maintenance, repair, and replacement of common property and assets, as well as contributions to the contingency/reserve fund.
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