Strata Management Licensing Practice Exam · Question
A contingency reserve fund (CRF) in a strata corporation is primarily used for:
The contingency reserve fund is specifically established to cover expenses that occur less often than annually or are not anticipated in the annual operating bu
Start free practice for Strata Management Licensing Practice Exam
252 questions · no signup required · 40 free questions per day
Question: A contingency reserve fund (CRF) in a strata corporation is primarily used for:
Answer options:
- Regular monthly operating expenses
- Unforeseen emergency expenses only ✅ Major repairs and replacement of common property components that occur less often than annually
- Rebates to owners at the end of the fiscal year
Correct answer: Major repairs and replacement of common property components that occur less often than annually
Explanation: The contingency reserve fund is specifically established to cover expenses that occur less often than annually or are not anticipated in the annual operating budget, such as roof replacement or exterior painting. This helps avoid sudden special levies.
Start free practice for Strata Management Licensing Practice Exam
252 questions · no signup required · 40 free questions per day
More about Strata Management Licensing Practice Exam
More for Strata Management Licensing Practice Exam candidates
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Strata Management Licensing Practice Exam Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.