Property Ownership
A 'proprietary lease' in a New York City cooperative grants the shareholder:
AFee simple ownership of the apartment unit
BThe right to occupy a specific apartment unit in exchange for paying maintenance charges to the cooperative corporation✓ Correct
CA 99-year ground lease on the land beneath the building
DThe right to sublease the unit without board approval
Explanation
A proprietary lease in a NYC co-op grants the shareholder the right to occupy a specific apartment unit. In exchange, the shareholder pays monthly maintenance charges that cover the building's operating expenses, mortgage, and real estate taxes. The lease is 'proprietary' because it runs to the owner of the shares in the cooperative corporation.
Related New York Property Ownership Questions
- In New York, a 'condominium unit' owner's common charges are used to pay for:
- In New York, tenancy in common differs from joint tenancy primarily because tenancy in common:
- In New York, a 'fee simple absolute' estate is:
- In New York, when a property owner dies without a will and without heirs, their real property passes to the state under the doctrine of:
- In New York, a 'condominium declaration' (offering plan) must be filed with the:
- In New York City, a 'co-op' (cooperative apartment) differs from a condominium in that a co-op owner:
- The principle of 'first in time, first in right' in New York recording law means:
- In New York, when a seller conveys property 'as is,' the buyer should be aware that:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →