What role does the elected Board of Directors play in a condominium corporation?

The elected Board of Directors in a condominium corporation plays a crucial role in enforcing the by-laws and setting the budget, which is vital for the effective operation of the condominium. By enforcing the by-laws, the Board ensures that all residents adhere to the rules established to maintain order and harmony within the community. This includes rules regarding noise, pets, and the use of common areas.

Additionally, the Board is responsible for setting the budget, which involves planning for the financial needs of the condominium, including maintenance expenses, reserve funds for repairs, and operating costs. This budget directly impacts the financial health of the condominium and the fees paid by unit owners.

The other choices highlight responsibilities that typically fall outside the direct responsibilities of the Board of Directors. While individual unit maintenance is generally the owner's responsibility, the Board may oversee maintenance of common areas but does not handle personal unit issues. Managing rental agreements pertains more to unit owners or property managers rather than the Board. Lastly, determining property value assessments is usually the role of appraisers or assessors, not the Board of Directors, as their focus is on budgetary and governance matters rather than market evaluations.