Broker and Agents Found Not Liable for Misrepresentation of RE Taxes
We are repeatedly asked about the liability of a real estate brokerage firm and/or its licensees in the event there is a misstatement of fact concerning the information in the transaction. The answer to this question is never a simple one since there is a Department of State (DOS) interpretation when faced with a licensing complaint and another interpretation from the courts when it involves an action for money damages initiated by a consumer.
Emails made to look like they come from the National Association of REALTORS® and other official real estate organizations are becoming more common as fraudsters try to make money by duping real estate professionals. Liz Sturrock, NAR Vice President of Information Technology, discusses how to know whether an email that appears to be from NAR or another real estate group is authentic or a scam. Read more...
Mortgage Originations Hit
Mortgage originations fell last year, while new auto loans hit all-time highs, according to a report by the Federal Reserve Bank of New York released on Tuesday.
New mortgage loans for 2018 were at the lowest level since 2014. Mortgage originations in the fourth quarter fell to $401.5 billion from $445.3 billion in the previous quarter, the lowest volume since the first quarter of 2016 in nominal terms, the Wall Street Journal reported. New auto loans totaled $584 billion, the highest volume on record.
Realtors vs. Real Estate Agents
The word Realtor is a trademark referring to someone who's an active member of the National Association of Realtors (NAR). In the United States, a real estate agent is licensed to help consumers buy and sell commercial or residential property. But not all Realtors are real estate agents. Home appraisers, property managers, real estate counselors and real estate brokers can also be members of the NAR, earning them the title of Realtors.
STATEN ISLAND DEVELOPMENT
Feds to Pay 400M to Build Staten Island Seawall
The only borough to vote for President Donald Trump is getting a wall.
The city and state announced today they had entered a formal project partnership agreement with the Army Corp of Engineers to construct fortifications along Staten Island's eastern shore, which was battered during 2012's Hurricane Sandy.
A recent study on rezonings could prove problematic for the de Blasio administration the next time it tries to rewrite the rules for development to promote affordable housing.
The January report studied two citywide rezonings in Chicago and found that housing prices there increased shortly after the zoning changes went into effect, while permits for new construction didn't increase. .
City Council Could Take a Hatchet to the Broker Rental Fee
As if things couldn't get worse for rental agents in the city, a new City Council bill would cut their broker fees nearly in half.
The proposed legislation, whose prime sponsor is Manhattan Council member Keith Powers, seeks to cap fees at one month's rent. Brokers often charge 15 percent of annual rent for their services. This bill would slash that to roughly 8.3 percent.
What's Behind the Projected Slowdown in China's Property Market?
In 2015, government authorities in China responded to a big drop in the Chinese stock market and other issues by reducing interest rates and lifting limits on home purchases, which boosted both property investment and the national economy.
But now, Beijing is resisting an expansion of a public program that has provided cash subsidies to help rural residents buy apartments in dozens of Chinese cities. Government officials are now wary of stimulating housing investment because it would add unwanted debt to China's financial system.