Strata Management Licensing Practice Exam · Question
Who is typically responsible for insuring the common property and assets of a strata corporation?
The strata corporation is required to obtain and maintain insurance on the common property, common assets, and any buildings shown on the strata plan, through a
Start free practice for Strata Management Licensing Practice Exam
252 questions · no signup required · 40 free questions per day
Question: Who is typically responsible for insuring the common property and assets of a strata corporation?
Answer options:
- Each individual strata lot owner ✅ The strata corporation itself, through a master policy
- The property manager
- The developer for the first five years
Correct answer: The strata corporation itself, through a master policy
Explanation: The strata corporation is required to obtain and maintain insurance on the common property, common assets, and any buildings shown on the strata plan, through a master insurance policy. Individual owners are responsible for their own unit's contents and liability, as per provincial acts.
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.