Strata Management Licensing Practice Exam · Question
A strata corporation wants to acquire a significant loan for a major repair project when their CRF is insufficient. What resolution is typically required to authorize this loan?
Under Section 108 of the Strata Property Act, a strata corporation can borrow money if authorized by a 3/4 vote resolution, unless the loan is for an ordinary e
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Question: A strata corporation wants to acquire a significant loan for a major repair project when their CRF is insufficient. What resolution is typically required to authorize this loan?
Answer options:
- A unanimous resolution. ✅ A 3/4 vote resolution.
- A majority vote resolution.
- A strata council resolution.
Correct answer: A 3/4 vote resolution.
Explanation: Under Section 108 of the Strata Property Act, a strata corporation can borrow money if authorized by a 3/4 vote resolution, unless the loan is for an ordinary expense and is repaid within a year.
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