New York — Contracts, Leases & Rent Regulation — New York Real Estate — State Law Practice Test
14 questions in this topic · 14 drawn at random this round
In the New York City / downstate market, the customary practice for a residential purchase contract is that:
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This New York Real Estate — State Law New York — Contracts, Leases & Rent Regulation practice set has 14 practice questions based on the official exam materials, each with an instant explanation.
Sample questions
Three questions from the New York — Contracts, Leases & Rent Regulation bank with the correct answer and an explanation. The practice quiz above draws 14 questions at random from the same bank.
Under New York's statute of frauds (General Obligations Law §5-703), a contract for the SALE of real property is void unless it is:
- In writing and signed by the party to be charged — Correct answer
- Made orally before two witnesses
- Notarized and recorded with the county clerk
- Approved by the NY Department of State
Explanation: GOL §5-703 voids any contract for the sale of real property unless it (or a note/memorandum of it) is in writing and subscribed (signed) by the party to be charged. An oral sale contract is unenforceable in NY. Statute of frauds（防欺诈法）: a rule requiring certain contracts to be in writing to be enforceable. NY cite: General Obligations Law §5-703.
Handbook: New York Contracts — Statute of Frauds for real-property sales (GOL §5-703)
Under New York's General Obligations Law §5-703, a lease must be in writing and signed to be enforceable when its term is:
- Longer than one year — Correct answer
- Longer than 30 days
- Longer than six months
- Any term, even month-to-month
Explanation: GOL §5-703 requires a writing for any lease for a term LONGER than one year; a lease for one year or less may be oral and still enforceable. So a 13-month lease must be written, but an 11-month lease need not be. Lease（租约）: a contract granting use of real property for a term. NY cite: General Obligations Law §5-703.
Handbook: New York Leases — Statute of Frauds for leases over one year (GOL §5-703)
In the New York City / downstate market, the customary practice for a residential purchase contract is that:
- Attorneys prepare and negotiate the contract of sale, often with an attorney-review period — Correct answer
- The salesperson drafts all contract terms from scratch
- The NY Department of State drafts the contract
- No written contract is used; the binder alone closes title
Explanation: Downstate NY custom is that attorneys prepare and negotiate the contract of sale (and, in the metro area, an attorney-review period is built into the deal) — unlike many states where brokers fill in a standard form. A licensee should not draft contract terms beyond filling in a pre-printed form. Attorney-prepared contract（律师起草合同）: NY-area custom where lawyers, not agents, draft the contract of sale. NY cite: NY downstate conveyancing custom.
Handbook: New York Contracts — attorney-prepared contract custom, downstate (NY practice)