Strata Management Licensing Practice Exam · Question
What is the typical term for the engagement of a strata manager by a strata corporation?
Under the Real Estate Services Act (RESA) Regulations, a strata management contract (or renewal) can be for a maximum of three years. Contracts cannot be automa
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Question: What is the typical term for the engagement of a strata manager by a strata corporation?
Answer options:
- Indefinite, until either party terminates.
- One year, automatically renewable. ✅ A maximum of 3 years, as per the Real Estate Services Act regulations.
- A maximum of 1 year, to be renewed annually by owner resolution.
Correct answer: A maximum of 3 years, as per the Real Estate Services Act regulations.
Explanation: Under the Real Estate Services Act (RESA) Regulations, a strata management contract (or renewal) can be for a maximum of three years. Contracts cannot be automatically renewed for longer than one year without a further vote.
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