Strata Management Licensing Practice Exam · Question
What is the core principle of a strata council member's fiduciary duty towards their strata corporation?
Council members have a fiduciary duty to the strata corporation, meaning they must act honestly and in good faith, always prioritizing the best interests of the
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Question: What is the core principle of a strata council member's fiduciary duty towards their strata corporation?
Answer options:
- To act in their own best financial interest.
- To make decisions that primarily benefit their own strata lot. ✅ To act honestly and in good faith with a view to the best interests of the strata corporation.
- To avoid all decision-making to prevent potential conflicts.
Correct answer: To act honestly and in good faith with a view to the best interests of the strata corporation.
Explanation: Council members have a fiduciary duty to the strata corporation, meaning they must act honestly and in good faith, always prioritizing the best interests of the corporation as a whole above their personal interests.
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