Strata Management Licensing Practice Exam · Question
When can a strata corporation levy a special levy?
A special levy is used to raise money from owners for expenditures that are not included in the annual operating budget and for which there are insufficient fun
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Question: When can a strata corporation levy a special levy?
Answer options:
- Only if the contingency reserve fund is completely depleted. ✅ To cover unexpected expenses or fund major projects for which there are insufficient funds in the operating budget or CRF.
- Once every 5 years, regardless of need.
- Only with the unanimous consent of all strata lot owners.
Correct answer: To cover unexpected expenses or fund major projects for which there are insufficient funds in the operating budget or CRF.
Explanation: A special levy is used to raise money from owners for expenditures that are not included in the annual operating budget and for which there are insufficient funds in the contingency reserve fund. It requires a 3/4 vote resolution.
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