Under New York condominium law, which of the following actions can a condominium board of managers legally take WITHOUT unit owner approval?
Correct Answer
A) Approve the annual operating budget and set monthly maintenance fees
New York condominium boards have the authority to approve annual budgets and set monthly maintenance fees as part of their routine management responsibilities. This is typically specified in the bylaws and does not require unit owner votes for regular operational decisions.
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A fire damages the common areas of a Manhattan condominium building, requiring $2 million in repairs. The insurance coverage is insufficient. Under New York condominium law, how are the repair costs allocated among unit owners?
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