Strata Management Licensing Practice Exam · Question
What type of financial account must a licensed strata manager hold all strata corporation funds in?
Under the Real Estate Services Act, strata managers must hold all funds belonging to a strata corporation in a separate trust account for that specific strata c
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Question: What type of financial account must a licensed strata manager hold all strata corporation funds in?
Answer options:
- A general bank account managed by the strata manager. ✅ A trust account, separate for each strata corporation, as required by the Real Estate Services Act.
- An interest-bearing savings account directly controlled by the strata council.
- Any account, as long as it's transparently reported to the council.
Correct answer: A trust account, separate for each strata corporation, as required by the Real Estate Services Act.
Explanation: Under the Real Estate Services Act, strata managers must hold all funds belonging to a strata corporation in a separate trust account for that specific strata corporation. This ensures funds are segregated and protected.
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