In New York, cooperative board approval is typically required for share loan financing. All of the following are common reasons a co-op board might reject a financially qualified buyer's application EXCEPT:
Correct Answer
A) The buyer's race or national origin does not match the building's demographics
Rejecting a buyer based on race or national origin violates the Fair Housing Act and New York Human Rights Law. While co-op boards have broad discretion in approval decisions, they cannot discriminate based on protected characteristics, even though such discrimination can be difficult to prove.
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