What is the role of the board of directors in a condominium corporation?

The role of the board of directors in a condominium corporation primarily centers on managing the property and assets of the condominium. This involves overseeing the maintenance of common areas, ensuring financial stability, and making decisions that affect the entire community, such as budgeting for repairs and improvements. The board is responsible for enforcing the bylaws and ensuring compliance with relevant laws, thereby protecting the interests of all unit owners.

While overseeing individual units may seem like a responsibility of the board, it typically pertains more to the individual unit owners, as the board’s focus is on the shared aspects of the condominium complex. Setting sale prices is not a function of the board, as pricing is generally determined by market conditions and individual owners. Creation of new regulations is an aspect of the board's responsibilities but is a subset of their broader role in managing the corporation. Therefore, managing the property and assets encompasses the essential duties of the board, which makes this answer the most accurate representation of their role.