Property Ownership
In New York, a 'condominium declaration' (master deed) creates the condominium and must include:
AA list of all unit owners and their purchase prices
BA description of the land, a description of each unit and the common elements, the percentage of interest in common elements allocated to each unit, and the purpose for which the condominium is intended✓ Correct
CThe by-laws and house rules of the condominium
DThe condominium's insurance policy
Explanation
Under New York Real Property Law Article 9-B, the Declaration (master deed) that creates a condominium must include: a description of the land, a description of the building and each unit, the common elements and their allocation, the percentage interests assigned to each unit, and the statement of purpose. It is recorded in the county clerk's office.
Related New York Property Ownership Questions
- In New York, 'riparian rights' relate to:
- An easement appurtenant benefits:
- In New York, the NY Condominium Act is found in:
- In New York, a 'ground lease' differs from a traditional lease in that:
- Under New York law, 'prescriptive easement' is established by use that is:
- The MARIA test is used to determine whether an item is a fixture. What does the 'I' in MARIA stand for?
- In New York, a 'condominium hotel' (condo-hotel) arrangement involves:
- In New York, 'constructive possession' of a property refers to:
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 →