Which statement about apartment ownership in Hawaii is false?

The chosen answer suggests that the statement regarding condominium apartments having to be on fee simple land is incorrect. In Hawaii, as in many other locations, condominium ownership can indeed exist on various types of land ownership, including leasehold, not just fee simple. This is significant because many condominium properties in Hawaii operate on leasehold land, where the owner holds a lease to use the land but does not own it outright. Therefore, the assertion that condominium apartments must be on fee simple land does not hold true universally.

In contrast, the other statements correctly represent the nature of apartment ownership in Hawaii. Cooperative ownership involves purchasing shares or stock in a corporation that owns the property, which aligns with the definition of cooperative housing. Additionally, while cooperative owners may need board approval to sell their units, this is standard practice in cooperative arrangements. Lastly, individual apartments in a condominium can often be financed similarly to single-family homes, making the financing process accessible and comparable in many respects. Thus, the inaccuracies in the first statement about condominium ownership clarify why it is the false statement among the options.