New York State Real Estate Salesperson Licensing Exam

Which of the following is considered a homestead property?

1. Commercial office buildings

2. Industrial parks

3. Residential condos

4. Retail shopping centers

The correct answer is: Residential condos

A homestead property is generally understood to be a primary residence that a homeowner occupies, often associated with certain legal protections, including tax exemptions or benefits. In the context of the choices provided, residential condos fall under the category of homestead properties as they are designed for individuals or families to live in as their primary residence. This aligns with the definition of homestead, which emphasizes the personal, residential, and domestic nature of the property. On the other hand, commercial office buildings, industrial parks, and retail shopping centers are types of properties designed for business purposes rather than for residential living. These categories serve commercial functions and do not provide the same homestead benefits or protections afforded to residential properties. As such, they do not meet the criteria for being classified as homestead properties. Thus, it's clear why residential condos are the correct answer in the context of this question.