LIEB BLOG

Legal Analysts

Thursday, February 27, 2014

Continuing Education Q &A: NY Real Estate Salespersons that hold 2 licenses

License Renewal , Lieb School
Continuing Education Q &A: NY Real Estate Salespersons that hold 2 licenses
Question: I hold two NY Real Estate Salespersons licenses with different expiration dates. Do I need 22.5 credits of continuing education for each license? If not, do I have to track my credits against both licenses or one, if so which one? Please help clarify...

Answer: Generally it is the first license issued which sets the cycle for continuing education. This isn't an exact science as sometimes agents let either license expire for periods of time. See below example for clarification:
 
  • If an agent is renewing license B, but they completed education within two years immediately preceding renewing license A, then license A set the two year cycle for CE and no education would be required for renewal of license B. Of course, the licensee would continue to use license A as the term in which CE must be completed prior to renewal.
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Why Should a Homeowner Hire YOU to Sell Their Home?

Professional Advice , Real Estate Tips
Why Should a Homeowner Hire YOU to Sell Their Home?
Part of my regular reading is a wonderful blog from a local real estate brokerage analytic company called Keeping Current Matters. While browsing the blog I found an infographic from a Park City Utah based real estate brokerage titled "Top 10 Reasons to Hire a Real Estate Agent". The list discusses the value a seller obtains by hiring a real estate agent instead of listing for sale by owner. The list is helpful in establishing the basic value of a real estate agent, but in my opinion it does not go far enough. Any real estate agent can convince a homeowner why hiring an agent is better than listing for sale by owner, but a superstar can convince a homeowner why hiring them is the only option.

As a real estate agent, it is crucial that you maintain a constant self awareness of the value you provide above and beyond any other real estate agent or brokerage. Create a list of things that you do better than any other real estate agent. Always work to expand that list and focus on building upon the strengths you already possess. If you are aware of the value you provide, it will naturally find its way into your representation. As your network and reputation grows, these value adds will stay attached to your name and brand.

This self awareness of what makes you indispensable and unique not only makes it easier for you to pitch your services to a potential client - it also helps you grow as a professional. Why should I hire you when it's time to sell my home?
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Wednesday, February 26, 2014

Fannie Mae and Freddie Mac are Setting Records in Profits

Fannie Mae , Foreclosure Defense
Fannie Mae and Freddie Mac are Setting Records in Profits
Due to the housing bubble burst in 2008, the federal government took ownership of the mortgage giants, Fannie Mae and Freddie Mac, and bailed them out of financial ruin. Not only did this bailout cost $187.5 billion in taxpayer dollars, but it also took years for Fannie Mae and Freddie Mac to recover from their monumental losses and begin to profit again.

However, there is good news! Now that the mortgage giants are profitable again, they have more than repaid the government for their 2008 bailout by paying dividends to the U.S. Treasury of $192.5 billion. Fannie Mae alone broke records with its $84 billion profit in 2013, completely exceeding the government’s expectation of recovery.

Fannie Mae and Freddie Mac do not expect to make as huge a profit in 2014 as they did in 2013, but they are hopeful that they will remain profitable in the long run. The Obama Administration, however, still wants to overhaul the mortgage giants and take away their monopoly on the mortgage market. There is currently a bipartisan bill in the Senate called the Housing Finance Reform and Taxpayer Protection Act of 2013 that focuses on financial reform and will hopefully take center stage this year.

Brokers, keep in mind that the housing market may drastically change in the next 5 years as private lending replaces the government-sponsored enterprises. However, now that the mortgage giants are turning such huge profits, reform may experience some delays. It is difficult to enact reforms when times are good, even though another financial crisis always looms on the horizon. 
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Monday, February 24, 2014

Google's Project Tango & The Interior Design Profession

Real Estate Technology , Real Estate Tips
Google's Project Tango & The Interior Design Profession
If you haven't yet read up on Project Tango, you should.

This technology will enable 3D scanning of indoor environments with your cell phone or better yet, Google Glass, in the very near future.

Imagine a world where you put on your Google Glasses and its Apps suggest furniture that fits the space and thereafter places visuals of the furniture before your eyes.

Will you need an interior designer in the future?

As we always say to real estate brokers at our School, we are out of the days when you could simply match clients to earn money as a professional and we are now part of a value-add industry.

Perhaps, you will still need an interior designer in the future, but their job will have a different purpose.

Only the future can tell.
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Your Property Has No Access to a Public Highway or Street - What to do...?

Land Use , Real Estate Tips
Your Property Has No Access to a Public Highway or Street - What to do...?
You just bought your dream summer home right after the completion of a subdivision of an old grand estate. You knocked down some walls to modernize the place, put in a hefty amount of trees and hedges for privacy, and even replaced the exterior wooden shingles. After leaving the city in rush hour and spending hours sitting in traffic, you drive up to your home to discover your driveway has been replaced with a vegetable garden enclosed by monuments. Your lawyer informs you that the survey of the property clearly shows that the driveway is outside of your boundary line and reminds you that you decided to cheap out on Title Insurance (no Fee or Owner’s policy). There is no way the insurance company would ever provide coverage.

Ultimately, you decide that your next course of action is to approach the neighbor who planted the vegetable garden with freshly baked cookies and pray on sympathy to access the street from your house. Remember, people are quite possessive of their property and don't like to share especially when they pay taxes on it, right? Guess what. The law offers you a solution for this problem called an Easement by Necessity. This legal right can free the landlocked property owner and give them the access that they desperately need to the street regardless of the neighbor's gleaming personality.  

So, regardless of your neighbor, you can still get from your car to your house. An Easement means a right to use someone else's land for a specific purpose and the word Necessity means that the right that you seek is indispensable. So, the legal solution says exactly what you, the homeowner needs; a right to cross over someone else's property because it’s an indispensable need to use one's own property. And it gets better. While an Easement is typically something bought and sold as it limits the property owner's right to their own property, an Easement by Necessity is granted by a Court in what is called a Declaratory Judgment Action, wherein the Court declares a right of a party. In New York, this action would be brought pursuant to a statute called the Real Property Actions and Proceedings Law at Article 15, which deals with claims to real property. Other States have similar laws on this topic, it is important to check your local State's laws and regulations with a qualified attorney before making any claims about any rights that you may have.

In New York, a claim similar to this one was just addressed by our Appellate Division, Second Department, in a case called Faviola, LLC v. Patel. Therein, the Appellate Court explained that a property owner who seeks an Easement by Necessity must establish the following to prove their case: "there was a unity and subsequent separation of title, and that at the time of severance, an easement over the servient estate was absolutely necessary to obtain access to the party's land". In English, this means your little property was once part of the property contained within the estate, but that when the properties were divided, the only way to get to your property was through the property that remained part of the mansion and was not subdivided away with yours. In Faviola, the Court made clear that you will only get this Easement by Necessity if the right-of-way was absolutely necessary and "not a mere convenience" to you. 

So, the law understands your plight and levels the playing field between you and your neighbor. 

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