Strata Management Licensing Practice Exam · Question
What is the primary role of the depreciation report?
A depreciation report helps a strata corporation plan for the projected costs of major repairs and replacements over a 30-year period, guiding the funding of th
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Question: What is the primary role of the depreciation report?
Answer options:
- To determine the current market value of the strata corporation's property. ✅ To provide a long-term financial plan for the repair and replacement of common property and assets.
- To assess the energy efficiency of the strata complex.
- To calculate the annual strata fees for each strata lot.
Correct answer: To provide a long-term financial plan for the repair and replacement of common property and assets.
Explanation: A depreciation report helps a strata corporation plan for the projected costs of major repairs and replacements over a 30-year period, guiding the funding of the contingency reserve fund.
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