NYLE Real Property Law 5

Question 1

Under New York law, which form of concurrent ownership can only be held by legally married spouses?

Accepted Answer

Tenancy by the entirety

Answer

Tenancy by the entirety in New York is available exclusively to married couples and includes a right of survivorship and protection from individual creditors.

Question 2

A New York seller of a one-to-four family residential property fails to deliver a Property Condition Disclosure Statement before signing the contract. The seller's obligation is:

Accepted Answer

To deliver the statement at closing or give the buyer a $500 credit

Answer

Under the PCDA, if the disclosure statement is not provided before signing, the seller must provide it at or before closing or grant the buyer a $500 credit at closing.

Question 3

In New York, a lis pendens (notice of pendency) filed in connection with a real property action is effective for:

Accepted Answer

3 years, with court permission to extend

Answer

Under CPLR § 6513, a notice of pendency is effective for three years from filing and may be extended by court order for good cause.

Question 4

Which of the following would constitute constructive notice of a prior conveyance to a subsequent purchaser in New York?

Accepted Answer

A recorded deed in the grantor-grantee index

Answer

Constructive notice arises from documents properly recorded in the public records, as a purchaser is charged with knowledge of everything in their chain of title.

Question 5

Under the New York Estates, Powers and Trusts Law, which doctrine prevents a surviving spouse from being entirely disinherited by a will?

Accepted Answer

The elective share right

Answer

Under EPTL § 5-1.1-A, a surviving spouse may elect against the will and receive the greater of $50,000 or one-third of the net estate.

NYLE - New York Law Exam Practice Test

NYLE - New York Law Exam Practice Test

NYLE Real Property Law 5