Michael owns a condominium unit in Rochester and wants to rent it out. The condominium board has established rental restrictions. Under New York condominium law, what authority does the board have regarding rental restrictions?
Correct Answer
C) The board can impose reasonable rental restrictions as specified in the bylaws or declaration
Under New York condominium law, the board of managers can impose reasonable rental restrictions if such authority is granted in the condominium's declaration or bylaws. These restrictions must be reasonable and uniformly applied.
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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?
- → In New York, what type of property interest does a cooperative apartment represent?
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- → Under New York's recording system, what happens when two deeds for the same property are recorded on the same day?
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