New York Property Management
Practice Questions & Answers (2026)
Property management questions on the New York exam cover both the practical aspects of managing rental properties and the landlord-tenant law specific to New York. The New York Department of State (DOS) tests security deposit limits, required notice periods for entry and termination, habitability standards, and the property manager's fiduciary duties. New York's landlord-tenant law has specific provisions — including notice requirements and tenant protections — that differ from what national study materials cover. These questions often involve scenarios where a property manager must navigate competing obligations to the owner-client and the tenant.
New York Exam Study Resources
Everything you need to pass — in one place.
New York Property Management — Practice Questions & Answers
122 questions on Property Management from the New York real estate question bank. First 10 are free — sign up to unlock all 122.
Q1. New York City Rent Stabilization Law applies primarily to:
Explanation
NYC Rent Stabilization generally applies to privately owned residential buildings with six or more units that were built before 1974 (or were subject to rent control and deregulated). It limits rent increases and provides tenant protections.
Q2. Under NYC Rent Stabilization, a landlord may increase the rent by:
Explanation
For rent-stabilized apartments, allowable rent increases are set each year by the NYC Rent Guidelines Board (RGB). Landlords may only raise rents by the percentages approved by the RGB.
Q3. In New York, a residential landlord must return a security deposit within how many days after the tenant vacates?
Explanation
Under New York law (General Obligations Law § 7-108), landlords must return a security deposit (or provide an itemized statement of deductions) within 14 days after the tenant vacates.
Q4. A property manager's primary fiduciary duty is owed to:
Explanation
A property manager acts as the owner's agent and owes fiduciary duties — loyalty, confidentiality, disclosure, obedience, care, and accounting — to the property owner as their principal.
Q5. Which of the following is a common component of a property management agreement?
Explanation
A property management agreement typically defines the scope of the manager's authority, the management fee structure, reporting and accounting obligations, and the term of the agreement.
Q6. The purpose of a building's reserve fund in property management is to:
Explanation
A reserve fund (capital reserve) accumulates funds over time to pay for major capital expenditures such as roof replacement, HVAC systems, or elevator upgrades, avoiding large special assessments on owners.
Q7. In New York, a landlord who fails to return a tenant's security deposit within the required period may:
Explanation
Under New York law, a landlord who fails to return the security deposit within 14 days after the tenant vacates may forfeit the right to make any deductions and is liable to the tenant for the full deposit amount.
Q8. NYC Rent Control (as distinct from Rent Stabilization) applies to buildings:
Explanation
NYC Rent Control applies to a dwindling number of apartments: those in buildings built before February 1, 1947, where the tenant (or their successor) has been living there continuously since before July 1, 1969.
Q9. A property manager who collects rents, negotiates leases, and coordinates repairs for a fee without a real estate license in New York is:
Explanation
In New York, managing property for others for compensation generally requires a real estate broker's license. An unlicensed person who collects rents and negotiates leases for compensation is violating RPL Article 12-A.
Q10. A gross lease, commonly used in residential rentals, means:
Explanation
In a gross lease, the tenant pays a fixed rent and the landlord pays the operating expenses (taxes, insurance, maintenance, utilities). This is the most common structure for residential rentals.
Q11. A net lease in commercial real estate typically requires the tenant to pay:
112 more Property Management questions
Create a free account to unlock all 122 New York Property Management questions with full explanations.
Free account · No credit card · Instant access to 25 questions
Ready to take the full exam? Start free.
25 free questions · No signup · Instant access to all New York topics