Strata Management Licensing Practice Exam · Question
What is the primary purpose of strata fees?
Strata fees (or condominium fees) are collected from owners to cover daily operating expenses, such as maintenance, utilities for common areas, and contribution
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Question: What is the primary purpose of strata fees?
Answer options:
- Funding the purchase of new amenities for individual strata lots ✅ Covering the operating expenses and contributions to the contingency reserves of the strata corporation
- Paying for individual owner's property taxes
- Providing income for the strata council members
Correct answer: Covering the operating expenses and contributions to the contingency reserves of the strata corporation
Explanation: Strata fees (or condominium fees) are collected from owners to cover daily operating expenses, such as maintenance, utilities for common areas, and contributions to the contingency reserve fund for future major repairs and replacements. This is crucial for the financial health of the corporation.
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