You can have a clause in your contract/lease which protects you against something like this. It really depends on the building in which you are going to rent it. If the owner of the unit is telling you that the condo board doesn't need to approve you, she probably knows the subletting policies. Some condo's require for an owner to occupy the apartment for a year or two before renting it, but that's very rare. We see more of that in Co-op buildings in which case the Co-op board WILL likely want to interview you.
The reason why people buy condos is for the freedom of subletting and few other restrictions. It's on the owners shoulders now and if anything is to happen she should be responsible of any monetary damages this might cause to you if for any reason you are forced to move out ( again that is very unlikely ).
Puffy, if you don't have a lawyer handy, and you probably don't, I would find out the name of the management company and give them a call immediately. Sites like speakeasy.com often list the management company, but you should find it on the paperwork or on front of the building itself, or ask the doorman or super. You can call the doorman if you're not local.
The management company can probably tell you what could happen to you, if anything, or who to call who is on the board to chat with. Actually I don't think the directors can do much of anything about your renting the place because it's a condo, not a co-operative, but you would love to have reassurance. The owner must keep up with the common charges.
Anyway, I hope it works out for you!
This depends on the specific guidelnes the home owners association has. Not all of them require tenant approval. Your best course of action may be to request this information from the person renting you the property.
Also....it's always good to see it in writing, to protect your interests.