Strata Management Licensing Practice Exam · Question
What are strata fees primarily used to cover?
Strata fees (or condominium common expenses) fund the day-to-day operations, common area maintenance, and the long-term savings for major repairs and replacemen
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Question: What are strata fees primarily used to cover?
Answer options:
- Individual property taxes for each unit owner.
- Mortgage payments for individual strata lots. ✅ Operating costs, maintenance, and contributions to the contingency reserve fund.
- Personal utility bills for individual residents.
Correct answer: Operating costs, maintenance, and contributions to the contingency reserve fund.
Explanation: Strata fees (or condominium common expenses) fund the day-to-day operations, common area maintenance, and the long-term savings for major repairs and replacements through the contingency reserve fund.
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