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Sections Strata Corporation Management

Sections Strata Corporation Management

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Reminder Checklist

Licensees should review the following checklist to ensure compliance when dealing with their current clients, as well as discussing the issues with prospective clients.

  • Have Sections Been Created? Review the bylaws to determine whether or not the strata corporation has sections.
  • Are the Sections Operating with a Section Executive Committee? Review the minutes of the section executive meetings.
  • Who are the Brokerage’s Clients? Identify which legal entities are receiving management services.
  • Services to be Performed Determine what management services are provided to each legal entity.
  • Conflicts of Interest Ensure that the brokerage has addressed any conflicts of interests and potential conflicts of interests when representing two or more legal entities within the same property.
  • Separate Trust Accounts Ensure that the operating, contingency reserve and special levy funds for each legal entity to which financial services are being provided, are held in separate trust accounts on behalf of those legal entities, and not commingled with the funds of other legal entities.
  • Separate Book of Accounts If it is determined that financial services are provided to the legal entity, ensure that the book of accounts only refers to that entity.
  • Separate Written Service Agreement Determine what service agreements are in place and for which legal entities, and ensure that all clients have a service agreement or an agreed waiver of service agreement.