Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 249 RECEIVED NYSCEF: 10/01/2018
EXHIBIT 66
A INDEX NO. 60767/2018
FILED: New
WESTCHESTER
Broker COUNTY Law
Disclosure CLERK - 10/01/2018
Posting
- The New05:13York PMTimes Page 1 of 3
NYSCEF DOC. NO. 249 RECEIVED NYSCEF: 10/01/2018
EbeNewgorkhes
REAL ESTATE O POSTING
A New Broker Disclosure Law in New
York
By VIVIAN S. TOY DEC. 30, 2010
AS if the process of shopping for an apartment weren't fraught enough, potential
buyers and renters will have to deal with another wrinkle this year, when a new real
estate broker-disclosure law goes into effect in New York.
The law requires a real estate agent to have clients sign a form stating that they
understand whom the agent represents and to whom the agent will give "undivided
loyalty,"
as soon as they enter into a relationship.
Brokers are interpreting that to mean that the form does not have to be
produced for everyone who walks into an open house, but rather as soon as someone
starts
asking substantive questions about a property, and certainly when someone
asks for an appointment to see it a second time. Given that many apartment hunters
are reluctant even to put their names on a sign-in sheet at an open house, agents do
not want to have to present them with forms any sooner than necessary.
buyers' sellers'
The disclosure law is designed to clarify
the roles of and agents,
in order to, as the form itself states, "help you to make informed choices about your
associates."
relationship with the real estate broker and its sales The form goes on to
define the various categories of agent.
Assemblyman Jonathan L. Bing, a Democrat who sponsored the legislation, says
the new law increases consumer protection because previous disclosure forms were
required only in transactions involving single-family homes and buildings with four
https://www.nytimes.com/2011/01/02/realestate/02post.html?mcubz=1 7/3/2018
A New Broker Disclosure Law - -The New 10/01/2018
York Times INDEX NO.
Page 60767/2018
2 of 3
FILED: WESTCHESTER COUNTYPosting CLERK 05:13 PM
NYSCEF DOC. NO. 249 RECEIVED NYSCEF: 10/01/2018
Realtors'
or fewer units. Mr. Bing said the state and city associations had joined with
him in urging passage of the law because it simplifies disclosure of dual agency, in
which an agent represents both a buyer and a seller. Buyers can now sign one form
providing advance consent to dual agency rather than having to sign a form for each
listing that they might see.
law,"
"This is a consumer protection said Neil Garfinkel, residential counsel to the
Real Estate Board of New York, "but it also protects brokers, because now they will
verbally."
have a written record of what they're already required to do now If a
complaint is filed against an agent for not producing a disclosure form, the penalty is
a fine of up to $1,000 and, potentially, a requirement that the agency return the
commission.
The law will also apply to sellers and landlords, but for them it will presumably
be less jarring, because they will already be in negotiation with an agent for an
exclusive contract. The disclosure forms will be fairly straightforward when agents
are acting either for the buyer or for the seller. But often circumstances are less
clear-cut, because they are acting as dual agents.
If, for example, a buyer is working with an agent and becomes interested in a
listing represented by another agent who works at the same firm, then both agents
become dual agents, and neither can provide undivided loyalty to either the buyer or
the seller. But they can advocate and maintain confidences for each party. Some
agents worry that having to discuss these kinds of possibilities when first meeting
clients could frighten them off.
Diane M. Ramirez, the president of Halstead Property, said she favored the law,
and noted that Connecticut and New Jersey had similar ones. "Things will be more
transparent,"
Ms. Ramirez said, "and that's good for our industry, and the public will
hidden."
be happy to know that nothing has been
Ms. Ramirez said that in training seminars some agents worried that the new
forms would make it more difficult to make direct deals, in which a seller's agent also
represents the buyer. "Those buyers may say they want their own representation
loyalty,"
when they fully understand that they won't have the agent's undivided she
said. "But if you disclose it all, there's no reason you can't treat someone honestly
https://www.nytimes.com/2011/01/02/realestate/02post.html?mcubz=1 7/3/2018
A New Broker Disclosure Law - -The New 10/01/2018
York Times INDEX NO.
Page 60767/2018
3 of 3
FILED: WESTCHESTER COUNTYPosting CLERK 05:13 PM
NYSCEF DOC. NO. 249 RECEIVED NYSCEF: 10/01/2018
and in good faith, and have the buyer and seller more than pleased with the
outcome."
Gary L. Malin, the president of Citi Habitats, said, "Agents are always fearful
about anything that can change the ebb and flow of business, but it's a change that
to."
we all have to adapt He said his firm had trained more than 600 agents on how
to explain the form to potential clients and had also written more than 400 landlords
with whom Citi Habitats has done business to introduce the new law and form to
everybody,"
them. "We thought it would be a good thing to advise he said, "because
on."
it's going to be part of the process for all of us from now
Mr. Malin said that while some potential clients might balk at signing the form
when they had essentially just met an agent, he hoped that in a few months it would
simply become a part of doing business.
Donna Olshan, the president of Olshan Realty, said her agents had been trained
by officials from the Real Estate Board of New York, but added, "Nobody knows how
work."
this is going to Brokers have been told that they must retain every form for
"affirmation"
three years, including forms, in which an agent states that although he
or she has presented a disclosure form to a client, the client has refused to sign it.
forms,"
"We're going to be up to our eyeballs in she said.
The disclosure forms may also be quite an eye-opener for renters. In many
cases, when an agent has an exclusive rental listing, the agent is the landlord's agent,
even though the broker's fee will be paid by the potential renter.
"Some future tenants may get a little freaked out when we have to put in writing
landlord,"
that we represent the said Steven Halpern, a sales manager for A. C.
Lawrence and Company. "But it's not a bad thing to clarify who we represent. And if
matter."
a good agent builds a relationship in a good way, itwon't
A version of this articleappears in printon January 2, 2011, on Page RE1 of the New York edition with
the headline: Whom Do Agents Work For?.
© 2018 The New York Times Company
https://www.nytimes.com/2011/01/02/realestate/02post.html?mcubz=1 7/3/2018
Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 249 RECEIVED NYSCEF: 10/01/2018 EXHIBIT 66 A INDEX NO. 60767/2018 FILED: New WESTCHESTER Broker COUNTY Law Disclosure CLERK - 10/01/2018 Posting - The New05:13York PMTimes Page 1 of 3 NYSCEF DOC. NO. 249 RECEIVED NYSCEF: 10/01/2018 EbeNewgorkhes REAL ESTATE O POSTING A New Broker Disclosure Law in New York By VIVIAN S. TOY DEC. 30, 2010 AS if the process of shopping for an apartment weren't fraught enough, potential buyers and renters will have to deal with another wrinkle this year, when a new real estate broker-disclosure law goes into effect in New York. The law requires a real estate agent to have clients sign a form stating that they understand whom the agent represents and to whom the agent will give "undivided loyalty," as soon as they enter into a relationship. Brokers are interpreting that to mean that the form does not have to be produced for everyone who walks into an open house, but rather as soon as someone starts asking substantive questions about a property, and certainly when someone asks for an appointment to see it a second time. Given that many apartment hunters are reluctant even to put their names on a sign-in sheet at an open house, agents do not want to have to present them with forms any sooner than necessary. buyers' sellers' The disclosure law is designed to clarify the roles of and agents, in order to, as the form itself states, "help you to make informed choices about your associates." relationship with the real estate broker and its sales The form goes on to define the various categories of agent. Assemblyman Jonathan L. Bing, a Democrat who sponsored the legislation, says the new law increases consumer protection because previous disclosure forms were required only in transactions involving single-family homes and buildings with four https://www.nytimes.com/2011/01/02/realestate/02post.html?mcubz=1 7/3/2018 A New Broker Disclosure Law - -The New 10/01/2018 York Times INDEX NO. Page 60767/2018 2 of 3 FILED: WESTCHESTER COUNTYPosting CLERK 05:13 PM NYSCEF DOC. NO. 249 RECEIVED NYSCEF: 10/01/2018 Realtors' or fewer units. Mr. Bing said the state and city associations had joined with him in urging passage of the law because it simplifies disclosure of dual agency, in which an agent represents both a buyer and a seller. Buyers can now sign one form providing advance consent to dual agency rather than having to sign a form for each listing that they might see. law," "This is a consumer protection said Neil Garfinkel, residential counsel to the Real Estate Board of New York, "but it also protects brokers, because now they will verbally." have a written record of what they're already required to do now If a complaint is filed against an agent for not producing a disclosure form, the penalty is a fine of up to $1,000 and, potentially, a requirement that the agency return the commission. The law will also apply to sellers and landlords, but for them it will presumably be less jarring, because they will already be in negotiation with an agent for an exclusive contract. The disclosure forms will be fairly straightforward when agents are acting either for the buyer or for the seller. But often circumstances are less clear-cut, because they are acting as dual agents. If, for example, a buyer is working with an agent and becomes interested in a listing represented by another agent who works at the same firm, then both agents become dual agents, and neither can provide undivided loyalty to either the buyer or the seller. But they can advocate and maintain confidences for each party. Some agents worry that having to discuss these kinds of possibilities when first meeting clients could frighten them off. Diane M. Ramirez, the president of Halstead Property, said she favored the law, and noted that Connecticut and New Jersey had similar ones. "Things will be more transparent," Ms. Ramirez said, "and that's good for our industry, and the public will hidden." be happy to know that nothing has been Ms. Ramirez said that in training seminars some agents worried that the new forms would make it more difficult to make direct deals, in which a seller's agent also represents the buyer. "Those buyers may say they want their own representation loyalty," when they fully understand that they won't have the agent's undivided she said. "But if you disclose it all, there's no reason you can't treat someone honestly https://www.nytimes.com/2011/01/02/realestate/02post.html?mcubz=1 7/3/2018 A New Broker Disclosure Law - -The New 10/01/2018 York Times INDEX NO. Page 60767/2018 3 of 3 FILED: WESTCHESTER COUNTYPosting CLERK 05:13 PM NYSCEF DOC. NO. 249 RECEIVED NYSCEF: 10/01/2018 and in good faith, and have the buyer and seller more than pleased with the outcome." Gary L. Malin, the president of Citi Habitats, said, "Agents are always fearful about anything that can change the ebb and flow of business, but it's a change that to." we all have to adapt He said his firm had trained more than 600 agents on how to explain the form to potential clients and had also written more than 400 landlords with whom Citi Habitats has done business to introduce the new law and form to everybody," them. "We thought it would be a good thing to advise he said, "because on." it's going to be part of the process for all of us from now Mr. Malin said that while some potential clients might balk at signing the form when they had essentially just met an agent, he hoped that in a few months it would simply become a part of doing business. Donna Olshan, the president of Olshan Realty, said her agents had been trained by officials from the Real Estate Board of New York, but added, "Nobody knows how work." this is going to Brokers have been told that they must retain every form for "affirmation" three years, including forms, in which an agent states that although he or she has presented a disclosure form to a client, the client has refused to sign it. forms," "We're going to be up to our eyeballs in she said. The disclosure forms may also be quite an eye-opener for renters. In many cases, when an agent has an exclusive rental listing, the agent is the landlord's agent, even though the broker's fee will be paid by the potential renter. "Some future tenants may get a little freaked out when we have to put in writing landlord," that we represent the said Steven Halpern, a sales manager for A. C. Lawrence and Company. "But it's not a bad thing to clarify who we represent. And if matter." a good agent builds a relationship in a good way, itwon't A version of this articleappears in printon January 2, 2011, on Page RE1 of the New York edition with the headline: Whom Do Agents Work For?. © 2018 The New York Times Company https://www.nytimes.com/2011/01/02/realestate/02post.html?mcubz=1 7/3/2018