Posting on social media platforms, such as Facebook, Instagram or Twitter, has become commonplace for real estate professionals. Every day agents post new listings, photos, open houses and much more on their social media sites, and may not even realize they are engaging in advertising. It is important to be aware that any advertisement, in…
Read MoreSome New York State real estate brokers also happen to be attorneys-at-law. These members should refrain from performing both roles simultaneously for a real estate client. A 2017 decision from the New York State Bar Association’s Committee on Professional Ethics reaffirmed the traditional prohibition on this practice. Opinion 1117 issued last April states that a…
Read MoreOn March 27, 2018, the National Fair Housing Alliance, the Fair Housing Justice Center Inc., Housing Opportunities Project for Excellence, Inc. and the Fair Housing Council of Greater San Antonio filed a lawsuit against Facebook, Inc. in the United States District Court, Southern District of New York (see https://bit.ly/2HprYkb), alleging that Facebook’s advertising platform violates…
Read MoreInsurance Regulation 208, which can be found at 11 NYCRR 228, was made effective on Dec. 18, 2017. This regulation, passed by the New York Department of Financial Services was finalized pursuant to certain consumer complaints regarding the title insurance industry. Since the regulation became effective, customary marketing and business prospecting tools that many title…
Read MoreWASHINGTON—With six months remaining in the 2018 federal fiscal year the National Association of Realtors supported the passage of the $1.3-billion omnibus appropriations bill that was approved by the U.S. House and Senate on March 22, and signed by President Donald Trump, despite some misgivings, the next day. The measure funds the federal government through…
Read MoreRealtors from across New York State journeyed to Albany for Lobby Day on Tuesday, March 20th to make their voices heard by the state’s elected representatives. Three proposals at the top of HGAR’s agenda were discussed. The Realtor community supports two of the proposals, but a third proposal is considered to be a direct…
Read MoreMany HGAR members hold real estate licenses in New York as well as Connecticut. Those licensees should be aware that the Connecticut Department of Consumer Protection does not exempt anyone from completion of Connecticut Continuing Education for real estate. You are required to complete approved courses via a Connecticut DCP approved school and retain certificates…
Read MoreRecent decisions from the New York State Appellate Division serve as reminders to brokers, associate brokers and licensed salespersons of the importance of entering into written agreements and the strict fulfillment of fiduciary duties, such as dual agency disclosure, in order to preserve rights to commissions. The failure to do so will likely place commissions…
Read MoreALBANY—A contingent of more than 40 members of the Hudson Gateway Association of Realtors are expected to travel to the state capital later this month to meet with state lawmakers and advocate for consumer and real estate industry reform legislation. The contingent will be led by Leah Caro and John Olivero, co-chairs of the HGAR…
Read MoreCommercial brokers fared well in the recently passed “tax reform bill”. Specifically, 1031 like kind exchanges were kept intact and middle-income housing tax credits were kept that encourages developers to build affordable housing in expensive housing markets. Still on the drawing board is the ADA Education and Reform Act (2018). The original Americans with Disabilities…
Read MoreA new section of the New York State real property law went into effect on Nov. 29, 2017. Real Property Law §235-bb addresses new lease requirements for 1-3 family properties. The language of lease agreements for a 1-3 family property now requires the owner to include in every lease entered into after 11/27/2017 conspicuous notice…
Read MoreIt’s February and love is in the air. For buyers interested in the right home, it may mean that they put quill to paper and craft the perfect “love letter.” Typically, these letters are addressed to the seller, and sometimes the listing agent is also included. Realtors, and all real estate licensees, must be particularly…
Read MoreCo-op boards have had unlimited timeframes in which to give an answer of acceptance or rejection to prospective purchasers. That may now end in Rockland County. A new bill, if it becomes law, will mandate that a co-op board must accept or reject an applicant in 45 days or less from the time that they…
Read MoreOn Jan. 31, 2018, an en banc panel of the Federal Circuit Court of Appeals for the District of Columbia issued an important decision in its rehearing of PHH Corp. et al. v. Consumer Financial Protection Bureau (See full decision at http://bit.ly/2rXR99r). The previous decision of the D.C. Circuit Court issued on Oct. 11, 2016…
Read MoreNEW CITY—Realtors who have pressed state and local lawmakers for years for cooperative purchase transaction reform scored a major victory on Tuesday night when the Rockland County Legislature passed unanimously a bill that requires co-op boards to make a timely decision on applications by prospective buyers. The bill, sponsored by Legislator Alden H. Wolfe, requires…
Read MoreSince the implementation of the “The Know Before You Owe” mortgage disclosure rule by the Consumer Financial Protection Bureau on Oct. 3, 2015, there have been issues with providing real estate licensees copies of the Closing Disclosure (CD) at the closing table. On Oct. 18, 2016, Tom Salomone, then-President of NAR, sent a letter to…
Read MoreOn Dec. 24, 2017, President Trump signed the Tax Cuts and Jobs Act (see http://bit.ly/2jZX47p) into law. While there has been much debate as to what effect the Tax Cuts Act will have on the real estate market in general, one thing that is certain, the new law will certainly have a positive impact on…
Read MoreReal estate brokers and agents have to comply with the federal law known colloquially as RESPA, which stands for the “Real Estate Settlement Procedures Act.” This law restricts real estate licensees from receiving anything of value in exchange for the referral of settlement service business. Appraisers, real estate licensees and title companies are just a…
Read MoreNow that federal “tax reform” has passed and been signed into law, it remains to be seen how the provisions of the bill will affect home values and taxes in the State of New York. It is an opportunity for New York State government to reimagine the way government works and functions. Several initiatives could…
Read MoreThe elderly population is particularly vulnerable to fraud and exploitation, especially in these times. The elderly are targeted because they are frail, suffer from ailments or live alone. They are susceptible to duress and undue influence from family, friends or advisors (i.e., real estate agents, attorneys, mortgage bankers, etc.). Real estate licensees are in a…
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