Special assessments are fees that can be charged to cooperative shareholders and condominium owners to cover large maintenance and repair items.

Question

Quizplus · Accepted Answer

Special assessments are a common method for cooperative shareholders and condominium owners to cover large repair or maintenance projects that are beyond the regular operating budget. These fees are usually based on unit size or percentage of ownership and can range from a few hundred dollars to several thousand dollars.

Special Assessments Are Fees That Can Be Charged to Cooperative