BPI Blog

Can a Co-op Board Issue a Rejection Based on Price

November 24, 2017 | By Charles Botensten

Q: Can a co-op board reject the sale of a co-op apartment because the price for the apartment is too low? A: In many circumstances, a co-op board may reject a prospective purchaser because the price of the co-op apartment is too low. The By-Laws of most co-ops give the co-op board the right to withhold its consent to the sale of a co-op apartment. If the co-op board has the right to withhold consent to a sale, then the decision of the co-op board is generally subject to the “busine

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Management Companies

November 23, 2017 | By Charles Botensten

Q. I own and operate a real estate management company. Do I need a real estate broker’s license and do my employees need to be licensed to carry out their responsibilities? A. Yes, if you collect rent or place tenants on behalf of a landlord client, you do need a real estate brokerage license. Under Article 12-A of New York Real Property Law, a real estate broker is defined as “any person, firm, limited liability company or corporation, who, for a fee, commission o

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Management Companies

November 22, 2017 | By Charles Botensten

Q: What is a STAR exemption? I understand that the STAR exemption is only for an individual’s primary residence. Would I still qualify if I am co-owner of the property along with my parents who live out of state? A: The STAR exemption is a New York State tax relief program that lowers property taxes for qualified owners. There are two types of STAR exemptions: (i) Basic STAR and (ii) Enhanced STAR. The Basic STAR is available for primary residences where the resident own

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Bitcoins

October 17, 2017 | By Charles Botensten

Q. I understand that a real estate broker collected something called “Bitcoin” at a closing? What is Bitcoin? Can a broker collect this as a commission? A. Bitcoin is a digital currency unattached to any government. It permits international transactions to take place without the concern of exchange rates, bank regulations and fees. Bitcoin was created in 2009 by an unknown person using the alias Satoshi Nakamoto. The value of Bitcoins is not bound to any hard currency; the value is determined by the demand for Bitcoins. There are several Bitcoin exchanges that

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Dual Association

October 17, 2017 | By Charles Botensten

Q. Can a real estate salesperson be associated with more than one real estate broker? A. Yes, a real estate salesperson can be associated with more than one real estate broker, provided separate real estate license applications are filed with the Department of State that include statements from each real estate broker that they are aware of the dual association. Additionally, New York State Rules and Regulations specifically state that a real estate broker “shall not accept the services o

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Window Guards

October 9, 2017 | By Charles Botensten

Q. I am representing a landlord who owns a 4 unit building. Is the landlord required to install window guards in the building and what disclosures are required? A. Yes, under the New York City Health and Administrative codes and related regulations, landlords in New York City must install window guards (i) in any multiple dwelling (defined as a building that contains 3 or more apartments) in which a child under the age of 11 resides and (ii) in apartments where the tenant requests widow guards, even if a child under the age of 11 does not reside in the apartment. Window guards must be installed in all windows exce

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Right to a Commission

August 15, 2017 | By Charles Botensten

Q. I was formerly licensed as a real estate salesperson associated with a real estate brokerage company (the “Broker”). During my association with the Broker, I represented a purchaser of a co-op apartment. The transaction closed and my Broker collected a commission at the closing. Two days after the closing, my license expired. The Broker is now reluctant to pay me my respective split of the commission. He contends that he is prohibited from sharing a commission with me in light of the statutory prohibition against sharing a commission with an unlicensed individual. Even though I am not currently licensed, am I nevertheless entitled to my respective share of the brokerage ...

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