New York — Estates, Deeds, Recording, Condo & Co-op — New York Real Estate — State Law Practice Test

This New York Real Estate — State Law New York — Estates, Deeds, Recording, Condo & Co-op practice set has 16 practice questions based on the official exam materials, each with an instant explanation.

Sample questions

Three questions from the New York — Estates, Deeds, Recording, Condo & Co-op bank with the correct answer and an explanation. The practice quiz above draws 16 questions at random from the same bank.

1. In New York, what does a purchaser of a cooperative (co-op) apartment actually acquire, and how is that interest classified?

   • Shares of stock in the cooperative corporation plus a proprietary lease — classified as personal property — Correct answer
   • Fee simple title to the apartment unit plus an undivided interest in common elements — classified as real property
   • A recorded deed to the unit and a separate ground lease — classified as a leasehold real-property estate
   • Membership in a homeowners' association plus a deed to the unit — classified as a condominium interest

   Explanation: A NY cooperative apartment is owned by a cooperative corporation; the buyer receives shares of stock in that corporation plus a proprietary lease to occupy a specific unit. Because the buyer owns stock and a lease — not the land or building — a co-op interest is PERSONAL property, not real property. This is the single most-tested NY distinction. Proprietary lease（专有租约）: the lease from the co-op corporation that lets a shareholder occupy a unit.

   Handbook: New York Estates & Ownership — Co-op nature (NY cooperative = shares of stock + proprietary lease = personal property)

2. Under New York's Condominium Act (Real Property Law Article 9-B), how is a condominium unit owned?

   • Fee title to the individual unit plus an undivided interest in the common elements — it is real property — Correct answer
   • Shares of stock in a corporation plus a proprietary lease — it is personal property
   • A lease from a sponsor for a fixed term, with no ownership of the unit
   • A tenancy in common in the entire building with no separately owned unit

   Explanation: RPL §339-g states each condominium unit, together with its common interest, 'shall for all purposes constitute real property.' A condo owner holds fee title to the individual unit PLUS an undivided interest in the common elements (hallways, land, roof, etc.). This contrasts with a co-op (stock + lease = personal property). Common elements（共有部分）: the portions of the condominium owned in common by all unit owners, RPL §339-e.

   Handbook: New York Condominium Act — Unit ownership (RPL Art.9-B §339-g: unit + common interest = real property)

3. A buyer wants to purchase a New York co-op apartment. What approval is typically required before the sale can close, that is NOT required for a typical condominium sale?

   • Approval of the buyer by the cooperative corporation's board of directors — Correct answer
   • Approval of the buyer by the New York Department of State
   • A certificate of occupancy issued to the buyer by the local building department
   • Approval of the buyer by the county clerk before the deed is recorded

   Explanation: Because a co-op is a corporation, the cooperative's BOARD OF DIRECTORS must approve the prospective shareholder (often after an application and interview) before the transfer of shares can close. A condo board generally cannot reject a buyer; it instead holds a right of first refusal. Co-op board approval（合作社董事会批准）: the board's power to approve or reject a prospective purchaser of shares.

   Handbook: New York Co-op Transfers — Board approval (cooperative corporation board must approve the shareholder/lessee)