2020 Updates: New York Housing Regulations
New regulations are affecting fair housing and advertising requirements. The updated rules go into effect on June 20 and November 2, respectively. If you are a property owner or property manager, take a moment to review these changes to ensure you stay compliant with state laws.
Here at Designated Broker Solutions, we help simplify property management. Our network of Managing Brokers across the U.S. will protect your business by making sure your staff complies with all federal, state, and local laws.
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Updated New York Fair Housing Regulations: In Effect June 20, 2020
In December 2019, New York Governor Andrew Cuomo announced new fair housing regulations approved by the New York Real Estate Board. These regulations will help combat pervasive housing discrimination throughout the state. The updates include enhanced disclosures by real estate brokers and property managers, in addition to more stringent record-keeping requirements.
Here are the details:
· Each Broker and/or employees working under them must disclose New York Fair Housing laws and regulations to all potential buyers, lessees, sellers, or landlords. Brokers must provide a disclosure published by the Department of State to each client via text, fax, email, or hardcopy.
· The state-published disclosure must also be available at every agent-sponsored open house or showing.
· Real estate agents and other professionals who provide this disclosure must keep a signed copy in their records for no less than three years. If a client refuses to sign the disclosure, the real estate professional must “…set forth under oath or affirmation a written declaration of the facts regarding when such notice was provided and shall maintain a copy of the declaration for not less than three years.” (Section 175.8(d))
· Property management and/or property owners must display these Fair Housing Requirements at each office they manage.
· Property management and/or property owners must also post copies of the Fair Housing Regulations at each property they own. The regulations poster can be found here.
· Section 177.9(a) requires all real estate courses pertaining to Fair Housing Act regulations to be video and audio recorded. Copies of these recordings must be maintained for one year.
June 20 has already come and gone. New York property managers who haven’t already instituted these changes must do so immediately. To learn more about these changes, visit the Department of State Division of Licensing Services.
Updated New York Advertising Regulations: In Effect November 2, 2020
The New York Real Estate Board has updated its electronic advertising requirements to protect against confusion and misleading marketing.
The new regulations include:
· Only a licensed Real Estate Broker may post or publish advertisements related to the sale or lease of New York property. Associate Brokers, salespersons, or other team members may only post advertisements if the ad explicitly states the name on the Managing Broker.
· Each ad should be approved by the property Broker.
· Online advertising must contain the name and contact information for the Broker, including nicknames, license number, and all relevant addresses and phone numbers.
· Third-party advertising sites (like Zillow) must indicate if the listing is an advertisement by someone other than the Managing Broker.
· Websites created and maintained by associate brokers or other team members must be supervised and approved by a licensed Broker. For a full list of the new requirements, click here.
About Fair Housing Requirements
While many states feature similar fair housing requirements – and there are some federal guidelines – states and local jurisdictions may have differing regulations. As a property owner or commercial property manager, it’s your responsibility to comply with these fair housing guidelines. Failure to comply could be costly and might even mean legal ramifications. Plus, each state (and each jurisdiction within each state) have slightly different laws. As a property manager, that can be confusing, especially if you own properties in multiple locations.
How Designated Brokers Can Help
Our brokers are licensed in 39 states and counting, ready to be your Broker-in-Charge, Designated Broker, or Managing Broker. Most states require property managers to have a brokerage license, which can be an expensive and daunting task. If you need help complying with these new regulations, or you’re struggling to maintain compliance in multiple states or jurisdictions, we can help. Contact Designated Broker Solutions today to learn how we can simplify your real estate business.
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