Property Management
A Massachusetts condominium association has a special assessment. This means:
AThe town is reassessing the property for higher taxes
BThe association is charging all unit owners a one-time fee for a major repair or expense not covered by the regular budget✓ Correct
CA unit owner is being fined for violating the rules
DThe property has been reassessed for insurance purposes
Explanation
A special assessment is an extraordinary charge levied by the condo association (in addition to regular fees) to cover major unexpected expenses or capital improvements, allocated among unit owners per their percentage interest.
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