A cooperative board in New York has various powers and responsibilities regarding unit transfers. All of the following are typical powers of a co-op board EXCEPT:
Correct Answer
D) Setting the sale price that shareholders must accept for their units
Co-op boards cannot set or control the sale price of units. Shareholders have the right to negotiate and agree on sale prices with buyers. The board's role is to approve or reject buyers, not to control pricing.
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David owns shares in a cooperative corporation that entitle him to occupy apartment 4B. He wants to sell his interest in the co-op. What is David actually selling?
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Jennifer inherits her grandmother's cooperative apartment in Brooklyn. The proprietary lease has 75 years remaining. What happens to Jennifer's ownership interest if the proprietary lease expires?