Legal Analysts

Showing posts with label broker. Show all posts
Showing posts with label broker. Show all posts

Friday, November 17, 2023

Terminating a Lease of a Decedent as an Executor / Administrator

If someone dies who is a tenant and if the estate wants to terminate the lease, all they have to do is notice the landlord by registered or certified mail, return receipt requested. 

That is the new law, Real Property Law 236-a. 

Don't worry landlords, this law doesn't relieve tenants for past due rent, damage, or expenses.

While this law doesn't apply to cooperative units, it sure seems to apply to commercial property, which is insane (all the more reason to have tenants lease as entities, not individuals). 

This law is effective February 15, 2024. 

Monday, March 21, 2022

New Standard Operating Procedures (SOPs) Law for Real Estate Brokers Signed by NYS Governor

A new anti-discrimination law is set to replace the current Standard Operating Procedure Law for NYS real estate brokers / salespersons. 

The current law is explained at our blog here and Governor Hochul's prior memorandum, from when she signed such law, indicating a change in the future, is here

Now, Governor Hochul has signed S7729 and made her promised changes to the Standard Operating Procedure Law. 

If you are confused, here is the Lieb Cast discussing this confusion and straightening it all out.

Here are the big 4 takeaways:

1. Real Estate Brokers must have Standard Operating Procedures (SOPs) as to:

(i) whether prospective clients shall show identification;

(ii) whether an exclusive broker agreement is required; [and]

(iii) whether pre-approval for a mortgage loan is required; and

(iv) any other such standard operating procedures as the Secretary of State shall determine by regulation and upon notice and public hearing. 

2. Rather than brokerage firms being required to submit such SOPs to the Secretary of State, as required under the current law, under the new law, they will be required to first date stamp and notarize their SOPs, and then, post them on any publicly available website and mobile device application that the brokerage / team(s) / salesperson(s) maintain while also making them available, on request, to the public at their office locations;

3. On license renewal, brokers will be required to affirm their compliance with the new law to the Department of State; and 

4. Brokers must follow the current law until July 16, 2022 when this new law is first effective.

Remember, brokers who stray from their SOPs are going to have to explain, to DOS and/or in a discrimination lawsuit, why a particular buyer / tenant is being treated differently from the SOPs and how that act does not constitute discrimination.



Monday, January 04, 2021

Pass Rate for NYS Real Estate Salesperson Test Announced

Does it shock you to learn that from January through October 2020, of the 13,527 examinees, only 59% passed the Real Estate Salesperson exam?

Brokers did a little better - of the 1,098, 66% passed.

Isn't that low? 

How do we get brokers to pass at a higher rate?

Would it help if the state released past exams? That makes sense, doesn't it? How can you study otherwise?