Escrow & Title
In New York, a 'foreclosure by advertisement' is:
AA common alternative to judicial foreclosure in New York
BNot available in New York; all residential mortgage foreclosures must be judicial✓ Correct
CPermitted only for commercial properties
DAvailable only for mortgages of less than $500,000
Explanation
New York is a judicial foreclosure state. Unlike some states that allow non-judicial foreclosure (foreclosure by advertisement or power of sale), New York requires all residential mortgage foreclosures (and most commercial mortgage foreclosures) to proceed through court under RPAPL Article 13. This provides borrowers with due process protections but makes foreclosures significantly slower and more expensive in New York.
Related New York Escrow & Title Questions
- A 'lis pendens' filed against a New York property provides:
- In New York, which instrument is typically used to convey title to real property at closing?
- An IOLA (Interest on Lawyer Accounts) account is used in New York to:
- In New York, a 'title company' functions in a transaction by:
- In New York, a real property transfer is typically subject to FIRPTA (Foreign Investment in Real Property Tax Act) withholding when:
- In New York, when a buyer takes title 'subject to' an existing mortgage (without assuming it), the buyer:
- In New York, 'actual notice' of a prior interest in real property differs from 'constructive notice' in that:
- In New York, the 'certificate of occupancy' (CO) issued by the local building department certifies 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 →