Humber/Ontario Real Estate Course 1 Exam Practice

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What does the reserve fund of a condominium corporation include?

  1. Funds for improvements and new amenities

  2. Funds for individual unit repairs

  3. Funds for recreational facilities only

  4. Interest earned on the reserve fund

  5. Repair funds for non-residential facilities

  6. Eliminates the need for special assessments

The correct answer is: Interest earned on the reserve fund

The correct answer is D because interest earned on the reserve fund is part of the reserve fund of a condominium corporation. The reserve fund includes funds earmarked for major repairs and replacements of the common elements of the condominium corporation. This interest earned is crucial in ensuring the reserve fund grows and can cover future repair and replacement costs in the condominium corporation. Options A, B, C, E, and F are incorrect because the reserve fund is specifically designated for major repairs and replacements of the common elements of a condominium corporation and does not typically include funds for improvements, new amenities, individual unit repairs, recreational facilities, non-residential facilities, or eliminating the need for special assessments.

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