New York State Exam New York Real Estate 5

Question 1

In New York, a mortgage in which the lender can call the entire balance due at any time is called a:

Accepted Answer

Demand mortgage

Answer

A demand mortgage (or call mortgage) allows the lender to require full repayment at any time upon notice.

Question 2

Under New York's Article 9-B of the Real Property Law, the offering of condominiums for sale requires the developer to file a(n):

Accepted Answer

Offering Plan (Red Herring) with the Attorney General

Answer

New York requires condominium developers to file an Offering Plan with the Attorney General before marketing units to the public.

Question 3

A property owner in New York grants an easement by deed to a utility company. This easement is best described as:

Accepted Answer

Easement in gross

Answer

A utility easement benefits a company rather than an adjacent parcel, making it an easement in gross.

Question 4

Under the New York Human Rights Law, which of the following protected classes is NOT included in the federal Fair Housing Act?

Accepted Answer

Marital status

Answer

New York State adds marital status as a protected class, which is not included in the federal Fair Housing Act.

Question 5

A New York homeowner who fails to pay property taxes may eventually lose their property through a process called:

Accepted Answer

Tax lien foreclosure

Answer

Unpaid property taxes result in a tax lien, and continued non-payment can lead to tax lien foreclosure by the municipality.

New York State Exam Practice Test