Test Your Condo /Loft Knowledge. 

1. Condo Owners can amend the By-Laws with a vote of at least 33% of the unit holders in the condominium?
True__False__

2. When you lease your condo unit, the Condominium Act will take precedence over theTenant Protection Act?
True__False__

3. A Status Certificate is a document provided by Property Management of a Condominium to confirm that the Seller is an owner in the condominium?
True__False__

4. Condo monthly maintenance fees always include expenses such as building insurance, heat and hydro?
True__False__

5. The floor level of your condo as well as the exposure will have a major impact on the monthly fee you pay on your unit?
True__False__

6. The balcony of a condo is usually described as a common element?
True__False__

7. Condo owners do not need approval from the Board of Directors for major renovation of their apartment?
True__False__

8. The money is a reserve fund is often used to pay for major repairs and replacement of common elements?
True__False__

9. A condo is probably in good financial condition if the reserve fund study shows that there is sufficient money in it, and there is enough contribution to the reserve fund from the monthly maintenance fee to cover expected repairs over the next 20 years?
True__False__

10. A condominium's insurance will cover any upgrades that were in place at the time the Standard Unit By-Law was put in place?
True__False__

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