As we round out Fair Housing month, which is celebrated each April, it is important to note the updates to from the New York Department of State regarding Fair Housing and Advertising Regulations in the Real Estate Market. As we are still in a statewide lockdown, this gives us an opportunity to take the time to read about all the Real Estate industry news, in the safety of our own homes.
With the Long Island Fair Housing Real Estate investigation coming to light in January 2020, it is even more important now to ensure REALTORS® understand all parts of the Fair Housing Act, including the latest updates that affect current Fair Housing regulations. Effective June 20th, 2020, The New York Code, Regulations and Rules (NYCRR) will add the following updates to 19 NYCRR. From the New York State Association of REALTORS®:
- Fair Housing Disclosure Form: New regulation ‘19 NYCRR 175.28’ requires every licensee to provide the Fair Housing Disclosure Form to prospective buyers, tenants, sellers and landlords. This includes all real estate transactions residential, commercial, vacant land and new construction. The form will be provided at first substantive contact.
- Fair Housing Notice: New Regulation ‘19 NYCRR 175.29’ will require all broker and branch offices to post the Fair Housing Notice in the windows of each broker’s office if other postings of any other type are also in the windows. The notice must be made visible to people on the sidewalk. If a window is not available, the notice must be visibly posted in the same location the business license is posted.
- Recording of Fair Housing continuing education classes: ‘19 NYCRR 177.9’ will now require the audio and video recording of every continuing education class approved for ‘fair housing and/ or discrimination in the sale or rental of real property or an interest in real property.’
In addition to Fair Housing, the Advertising Regulation regarding the real estate industry, is set to become effective November 2, 2020.
The amendment, ‘19 NYCRR 175.25(d)(3)&(6)’, will require every broker (and associated licensees) that advertises the exclusive listing of another broker to clearly display the name of the listing broker preceded by one of the seven permitted phrases. This new regulation will apply to any licensee displaying an IDX feed on their website. It applies to both grid and list view, as well as paid advertisements through third parties.
The amendment also will now require any licensee that pays a third party to place their advertisement when displaying another broker’s exclusive listing, the ad must have the words to disclose that it is a paid advertisement. The word ‘advertisement’ must immediately follow the name of the licensee.
If you require additional information or would like to learn more about either of the new regulations, the New York State Association of REALTORS® will be providing numerous educational opportunities to their members in the months leading up to the new regulations.
To read a detailed report of the new Fair Housing Amendment, please click here.
To read a detailed report of the new Advertising Amendment, please click here.
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