Question

What happens to the public report the developer has sold all condo units?

a) It expires.
b) It remains on file with the local planning and zoning division.
c) It remains on file with the REC and must be updated annually.
d) It's turned over to the association board of directors.

Answer 1

After all condo units have been sold by the developer, the public report remains on file with the Real Estate Commission (REC) and requires an annual update.

Step-by-step explanation:

The public report, which details the state of a condominium project and the units therein, remains on file with the Real Estate Commission (REC) and must be updated annually. This continues even after the developer has sold all of the condo units in order to provide a continued reference for any future sales and resales of the units, as well as to maintain a standard of transparency and information availability about the real estate in question.