In DOS v. Paramonov, a licensed real estate salesperson was charged with engaging "in false and or misleading advertising for rental properties" by listing "apartments in the 'no fee' category" of Craigslist because "he did not have enough money to post advertisements in the broker's section of the website."
The respondent was fined for his dishonest and misleading advertisements.
Moving forward, real estate salespersons need to remember that their advertisements must be completely aboveboard. If there is a broker's section of a website, the real estate salesperson must utilize it at all times in order to comply with their license law.
Tuesday, February 14, 2017
Commission Rates in Real Estate Brokerage are Discretionary to the Broker and Property Owner
A Lieb School student recently took a final exam for our Conflicts of Interest ONLINE course and explained how commission rates are set by the Department of State.
They are NOT.
In fact, the Department of State says the following about commission rates:
They are NOT.
In fact, the Department of State says the following about commission rates:
Commission Rates
The commission or compensation of a real estate broker is not regulated by statute or regulation, therefore the amount and terms are negotiable. A real estate broker shall never offer a property for sale or lease without the authorization of the owner. Therefore, prior to the listing or marketing of a client’s real property, it is incumbent upon the real estate broker and the client to mutually agree on a reasonable rate of compensation.
As a result, real estate salespersons and property owners should carefully negotiate commission rates where they also set the consideration that the real estate brokerage will provide to the property owner in exchange for higher or lower rates. To illustrate, a real estate brokerage that is willing to create a video about the property should be able to demand a higher rate than a real estate brokerage who will not create any digital advertising.
Monday, February 13, 2017
Real Property Special Edition- The Suffolk Lawyer 2017
2017 is all about change. With a
new Republican administration in the
White House and a Republican
Congress we will experience many
changes in statutes, regulations and
public policy throughout 2017,
which will affect real estate transactions,
litigation and our counsel to
our clients related thereto. Our
clients will have changed perspective
and ever-changing needs. While not
all change is good, it’s
healthy to accept change
and embrace it, regardless
of one’s personal
politics.
As an attorney, change is an opportunity, and those of us who best navigate change will emerge as the leaders of our profession as new laws require new legal leaders. Yet, to leverage change we must first have a firm grasp of the current state of the law. This special section in The Suffolk Lawyer delves into what is, to what will be in real estate law. We address client management, complex niche transactions, litigation incident to transactions, solutions to the foreclosure crisis and we even shed some light on the new administration as it relates to housing.
In this edition Kenneth J. Landau, Esq. sets the tone by giving us a new take on the KISS Principle as it relates to real estate transactions in his article “Give Your Real Estate Clients (A) K.I.S.S.” Then, the team of Jordan Fensterman, Esq., Howard Fensterman, Esq., and Andrew Kasman, Esq. provides instruction to the practitioner on the crossroads of health law and real estate in “Nursing Home Transactions.” Thereafter, Dennis Valet, Esq. sheds some light on claims against real estate brokers that typically result from a case of buyer’s remorse in “Caveat Emptor and Why You Shouldn’t Sue That Real Estate Broker.” Next, past Real Property Committee Chair Irwin Izen, Esq. educates the bar on a recently enacted statute that charges the New York Mortgage Agency to both create and administer the New York Community Restoration Fund in “More Help for Distressed Homeowners.” Lastly, Sabine Franco, Esq. sheds some light on the nominated HUD Secretary, Ben Carson, in “Expectations for HUD.”
These articles are designed to ground us, educate us and inspire us. They are the foundation of what is today because without learning about today we cannot be prepared to leverage tomorrow. In my fifth year as the Special Section Editor for Real Property, I need to thank our Editor-in-Chief, Laura Lane, who has made this all possible. Thank you to Ms. Lane and to all our writers. I hope that you enjoy this edition. Andrew Lieb, Esq.
Click here for the full edition in The Suffolk Lawyer
As an attorney, change is an opportunity, and those of us who best navigate change will emerge as the leaders of our profession as new laws require new legal leaders. Yet, to leverage change we must first have a firm grasp of the current state of the law. This special section in The Suffolk Lawyer delves into what is, to what will be in real estate law. We address client management, complex niche transactions, litigation incident to transactions, solutions to the foreclosure crisis and we even shed some light on the new administration as it relates to housing.
In this edition Kenneth J. Landau, Esq. sets the tone by giving us a new take on the KISS Principle as it relates to real estate transactions in his article “Give Your Real Estate Clients (A) K.I.S.S.” Then, the team of Jordan Fensterman, Esq., Howard Fensterman, Esq., and Andrew Kasman, Esq. provides instruction to the practitioner on the crossroads of health law and real estate in “Nursing Home Transactions.” Thereafter, Dennis Valet, Esq. sheds some light on claims against real estate brokers that typically result from a case of buyer’s remorse in “Caveat Emptor and Why You Shouldn’t Sue That Real Estate Broker.” Next, past Real Property Committee Chair Irwin Izen, Esq. educates the bar on a recently enacted statute that charges the New York Mortgage Agency to both create and administer the New York Community Restoration Fund in “More Help for Distressed Homeowners.” Lastly, Sabine Franco, Esq. sheds some light on the nominated HUD Secretary, Ben Carson, in “Expectations for HUD.”
These articles are designed to ground us, educate us and inspire us. They are the foundation of what is today because without learning about today we cannot be prepared to leverage tomorrow. In my fifth year as the Special Section Editor for Real Property, I need to thank our Editor-in-Chief, Laura Lane, who has made this all possible. Thank you to Ms. Lane and to all our writers. I hope that you enjoy this edition. Andrew Lieb, Esq.
Click here for the full edition in The Suffolk Lawyer
Caveat Emptor and Why You Shouldn't Sue That Real Estate Broker
When the discovery of a latent
defect in a newly purchased home triggers
a severe case of buyer’s remorse,
the real estate brokers involved in the
transaction often find themselves in the
crosshairs. The erroneous expectation
is that these licensed professionals hired for the purpose of bringing two
parties together in a meeting of the
minds are the guarantors of a problem-free
transaction. In reality, a real
estate broker’s liability is limited to the
duties owed to the complaining party.
Some of these duties are derived from
general common law negligence and
agency principles, while others are
specific to real estate brokers by way
of statutes, regulations and administrative
decisions. Because consumers
tend to purchase or rent a home only a
handful of times in their life, their
familiarity with the rules governing
these agency relationships
is often lacking.
So, when is it really your real estate broker’s fault?
Read the full article by Dennis Valet, Esq. in published in The Suffolk Lawyer Here.
So, when is it really your real estate broker’s fault?
Read the full article by Dennis Valet, Esq. in published in The Suffolk Lawyer Here.
Monday, February 06, 2017
Lieb School Facts: Exclusive Right To Sell Agreement
To learn more, Lieb School offers online continuing education classes that are comprised of video's from a live classroom setting that was instructed by premiere lecturer Andrew Lieb, Esq. Content is thereafter broken down in order to simplify the learning experience so that students can absorb our field's complex materials without being overwhelmed.
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