Real Estate Math
A Hawaii condominium complex has 120 units. A special assessment of $18,000 per unit is levied for a new roof. What is the total cost of the roof?
AA. $180,000
BB. $1,800,000
CC. $2,160,000✓ Correct
DD. $2,000,000
Explanation
Total cost = Number of units × Assessment per unit = 120 × $18,000 = $2,160,000. Special assessments in Hawaii condominiums can be substantial for major capital improvements, underscoring the importance of reviewing the association's reserve fund before purchasing.
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