Say good-bye to real estate VPs, SVPs and EVPs?

The New York Department of State says in a stunning opinion letter distributed Monday by the Real Estate Board of New York (REBNY) that many of us real estate salespersons and associate real estate brokers, including me, are violating the law.

Associate Attorney Whitney A. Clark states in the letter that those of us who adopt or receive corporate titles such as vice president on upward are in violation of the real property law if we are not actually officers of the corporation — for example, any incorporated brokerage.

In the one-and-a-half-page missive, which amounts to a bombshell, Clark declared: Continue reading

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Co-op boards like to have residents within reach

(Flickr photo by David Ip)

Co-op boards don’t like to come up empty-handed when pursuing residents who are behind in the monthly payments or otherwise need to be held accountable for their actions.

That’s a key reason that they demand so much information and an interview when someone applies to buy an apartment in their building.

That also is why so rarely will co-op boards Continue reading

REBNY requires brokers to disclose family ties

Garfinkel

Ethical real estate brokers who are members of the Real Estate board of New York (REBNY) have a requirement that is not in New York State law, notes Neil B. Garfinkel, the organization’s residential counsel.

If representing a member of her/his immediate family, according to REBNY’s Code of Ethics and Professional Practices, a broker must disclose that relationship in writing to other parties to a transaction.

Although the state doesn’t require that disclosure, Continue reading