Humber Real Estate Course 3
Study online at https://quizlet.com/_dr1gbs
1. when are turnover meetings called?: not more than 21 days following the point in time the
declarant ceases to be the owner of majority of the units
2. T or F?
new units, especially in dense areas, always have parking and/or lockers: false
3. Tarion coverage for new homes: $300,000
4. Tarion coverage for new condo units: $100,000
5. required notice for weekly tenancy termination: 28 days
6. IVR formula: income / rate = value
income / value = rate
value x rate = income
7. info provided with status certificate: -a copy of the condo corporation's current declaration, by-laws
and rules.
-a copy of the budget for the current fiscal year, last annual audited financial statements and the auditor's report.
-a statement on the most recent reserve fund study and the state of the reserve fund.
8. if a status certificate is not provided, the Condo Act deems that: 1. no levies have
been assessed against the unit
2. no default in common expenses has occurred
3. no increase in common expenses has occurred since the date of the current year's budget
9. formula to find effective gross income multiplier: income multiplier = value / effective gross
income
if you don'y have the EGI then you take away vacancy/credit losses from the GI
10. when natural accretion occurs...: owners acquire the rights of ownership to the additional land
11. when wanting to construct a structure on public lands (i.e a boathouse)...: a
permit must be obtained for structures more than 15 metres square from the MNRF and the planned structure must
be directly in front of the applicants house/owned land
12. when do construction liens need to be filed?: within 60 days to the applicable land registry
office following certain events specified in the Construction Act
13. if a board of directors for a condo corporation relies on info about an
engineer and an occupant is hurt following the work done by the engineer,
would the condo corp. be in breach of it's duties?: no, the board can rely on good faith on
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Study online at https://quizlet.com/_dr1gbs
1. when are turnover meetings called?: not more than 21 days following the point in time the
declarant ceases to be the owner of majority of the units
2. T or F?
new units, especially in dense areas, always have parking and/or lockers: false
3. Tarion coverage for new homes: $300,000
4. Tarion coverage for new condo units: $100,000
5. required notice for weekly tenancy termination: 28 days
6. IVR formula: income / rate = value
income / value = rate
value x rate = income
7. info provided with status certificate: -a copy of the condo corporation's current declaration, by-laws
and rules.
-a copy of the budget for the current fiscal year, last annual audited financial statements and the auditor's report.
-a statement on the most recent reserve fund study and the state of the reserve fund.
8. if a status certificate is not provided, the Condo Act deems that: 1. no levies have
been assessed against the unit
2. no default in common expenses has occurred
3. no increase in common expenses has occurred since the date of the current year's budget
9. formula to find effective gross income multiplier: income multiplier = value / effective gross
income
if you don'y have the EGI then you take away vacancy/credit losses from the GI
10. when natural accretion occurs...: owners acquire the rights of ownership to the additional land
11. when wanting to construct a structure on public lands (i.e a boathouse)...: a
permit must be obtained for structures more than 15 metres square from the MNRF and the planned structure must
be directly in front of the applicants house/owned land
12. when do construction liens need to be filed?: within 60 days to the applicable land registry
office following certain events specified in the Construction Act
13. if a board of directors for a condo corporation relies on info about an
engineer and an occupant is hurt following the work done by the engineer,
would the condo corp. be in breach of it's duties?: no, the board can rely on good faith on
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