NYLE - New York Law Exam NY Real Property Law 1

Question 1

Under New York's Statute of Frauds (General Obligations Law § 5-703), which of the following agreements concerning real property is unenforceable if made only orally?

Accepted Answer

A contract for the sale of real property

Answer

A month-to-month residential lease

Answer

An oral license to use a neighbor's driveway temporarily

Answer

A verbal agreement to allow a guest to stay for two weeks

Question 2

Under New York General Obligations Law § 7-108, a landlord of a residential building with six or more units who collects a security deposit must:

Accepted Answer

Deposit the funds in an interest-bearing account and annually pay or credit the net interest to the tenant

Answer

Deposit the funds in a non-interest-bearing account in the landlord's own name

Answer

Apply the deposit toward the last month's rent immediately upon collection

Answer

Hold the deposit in escrow with the county clerk's office

Question 3

Under New York Real Property Law, which form of co-ownership is available exclusively to married spouses and prevents either party from unilaterally conveying or encumbering their interest without the other's consent?

Accepted Answer

Tenancy by the entirety

Answer

Tenancy in common

Answer

Joint tenancy with right of survivorship

Answer

Community property tenancy

Question 4

Under New York law, mortgage foreclosure actions on residential property are conducted as:

Accepted Answer

Judicial proceedings requiring a court action, order of reference, and judicial sale

Answer

Non-judicial trustee's sales administered by the lender

Answer

Administrative hearings before the NY Department of Financial Services

Answer

Binding arbitration initiated by the mortgage servicer

Question 5

Under New York Real Property Law § 223-b, a landlord is prohibited from retaliating against a residential tenant by commencing eviction proceedings, raising rent, or reducing services when the tenant has:

Accepted Answer

Complained in good faith to a governmental authority about a housing code violation

Answer

Failed to pay rent for more than 30 days

Answer

Sublet the apartment without the landlord's written consent

Answer

Refused to allow the landlord to enter for non-emergency repairs

Question 6

Under New York Real Property Law § 240-b, a deed that purports to create a fee simple determinable or fee on condition subsequent (a 'defeasible fee') is subject to which limitation?

Accepted Answer

The condition or limitation must vest or fail within the period set by the Rule Against Perpetuities

Answer

Such estates are completely void under New York law and cannot be created

Answer

The grantor must record a notice of the condition with the county clerk within 30 days of delivery

Answer

Defeasible fees automatically convert to absolute fee simple after five years