Ontario Condominium Management License Practice Test 2025 - Free Condominium Management License Practice Questions and Study Guide

The group responsible for funding operations through budget levies is the condominium residents. In a condominium setting, residents or owners contribute to the financial well-being and maintenance of the property through condominium fees, which are often determined by annual budgets. This financial model allows the condominium corporation to cover operating expenses, maintenance, reserve funds, and other necessary expenditures.

Each resident's contribution is typically based on their individual unit's proportionate share of ownership within the condominium corporation. These budget levies and fees are essential for ensuring that the condominium can provide necessary services and maintain common areas, ultimately supporting the overall quality of living within the community.

Service providers, board members, and external investors may play roles in the operation and management of the condominium, but they do not provide the funding based on budget levies in the same way that residents do. Service providers may offer maintenance or management services, board members oversee the operational decisions, and external investors might have financial interests but do not fund the condominium's day-to-day operations through budget levies.