In the property inspection section, does “cost per property” refer to individual properties for a mortgagee, or to units in an apartment or housing project?

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It refers to a “unit” of property. A unit is described as a dwelling place that has food preparation facilities. Example: An overnight lodging facility with four rooms, all of which without cooking facilities or waste plumbing has no “units”; a single family home with 5 bedrooms and three bathrooms is one “unit” because it is designed as the dwelling place for one family.