New York Private Investigator Regulations Practice Exam

Which statement about grand larceny is true?

1. It involves theft of items worth less than $1000.

2. It can be categorized under petty theft.

3. It results in significant legal penalties.

4. It is less serious than a misdemeanor.

The correct answer is: It results in significant legal penalties.

Grand larceny is classified as a serious crime that typically involves the theft of property valued above a certain monetary threshold, which varies by jurisdiction but is often set at $1,000 in many states including New York. When an individual commits grand larceny, the legal system recognizes the gravity of the offense, and as such, the penalties are significant. This can include substantial fines and lengthy prison sentences. The seriousness of grand larceny underscores the legal system's response to property crimes that exceed a certain value, distinguishing it from lesser offenses like petty theft, which usually deals with items of lesser value. The severity of legal penalties reflects the intent and impact of the crime, meant to deter individuals from engaging in theft of high-value items. These factors contribute to making the statement about grand larceny and its associated penalties accurate within the context of criminal law.