NY Real Estate cheat sheet

The bundle of rights comprises possession, control, enjoyment, exclusion, and disposition; a deed transfers only the interests the grantor actually holds unless the conveyance is broadened by statute or covenant.

Fixture test uses three factors: annexation (method of attachment), adaptation (fit for the property's use), and intention of the parties; intention controls when the other two are ambiguous.

Tenancy in common permits unequal fractional shares and has no right of survivorship; joint tenancy requires equal shares, the four unities, and survivorship; tenancy by the entirety is limited to married spouses in New York and also carries survivorship.

An easement appurtenant benefits a dominant parcel and runs with the land automatically; an easement in gross benefits a person or entity and has no dominant tenement.

Gross rent multiplier = sale price ÷ gross annual rent. Capitalization rate = net operating income ÷ value; value = net operating income ÷ cap rate.

Lien priority generally follows the recording date, but real property tax liens and certain municipal liens take priority over mortgages recorded earlier.

The New York adverse possession period is generally 10 years under RPAPL 501, subject to 2008 amendments requiring a written instrument or a good-faith belief of title in most cases.

In the cost approach, land is valued separately and never depreciated; improvements are depreciated straight-line over their remaining economic life.

A New York salesperson license requires age 18 or older, completion of the 77-hour qualifying course, passage of the state exam, and a sponsoring broker; the license is inactive until the sponsor is on file.

A New York broker license requires 152 hours of qualifying education plus at least two years of experience as a licensed salesperson or the equivalent experience approved by the Department of State.

Continuing education is 22.5 hours per two-year license term, including mandated hours in fair housing and ethical business practices.

RPL §443 requires a written agency disclosure, presented and explained at the first substantive contact and signed by the consumer, with limited statutory exemptions.

Dual agency requires the informed written consent of both parties; a broker may obtain advance consent for designated agency but remains a dual agent as to the transaction.

Sellers of one-to-four family residential property must deliver a completed Property Condition Disclosure Statement to the buyer before the buyer signs the contract of sale.

The Housing Stability and Tenant Protection Act of 2019 caps residential security deposits at one month's rent and limits application fees to $20 per applicant.

New York State transfer tax is $2 per $500 of consideration (0.4%); the mansion tax adds 1% on residential transfers of $1,000,000 or more, generally paid by the buyer.

Mortgage recording tax is paid when the mortgage is recorded, is computed on the loan amount, and the rate varies by county.

Fiduciary duties are remembered as OLD CAR: obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care.

Loyalty requires the agent to place the principal's interest above the agent's own and bars undisclosed self-dealing, secret profit, or purchase of the principal's property without full disclosure.

Confidentiality survives termination of the agency relationship; an expired listing does not free the agent to reveal the seller's motivation or bottom line.

Exclusive right to sell: the broker is paid no matter who procures the buyer, including the seller. Exclusive agency: the seller keeps the right to sell unrepresented without paying. Open listing: only the procuring broker is paid.

In New York a broker's commission is earned when a ready, willing, and able buyer is produced on the seller's terms, even if the transaction later collapses through no fault of the broker.

Designated agency places two licensees of the same brokerage on opposite sides as single agents while the broker acts as a consented dual agent.

A dual agent may not advocate for either party; the agent must treat both fairly, disclose material information to both, and may not reveal one side's confidential negotiating position to the other.

Buyer-broker agreements must be in writing and signed before a buyer tours a home, and compensation is fully negotiable and is not set by any multiple listing service.

A valid real estate contract requires offer, acceptance, consideration, capacity, legality of purpose, and a writing signed by the party to be charged under the statute of frauds.

The Loan Estimate must be delivered within three business days after application; the Closing Disclosure must be received at least three business days before consummation.

One discount point equals 1% of the loan amount. PITI equals principal, interest, property taxes, and hazard insurance.

Conventional private mortgage insurance is generally required above 80% loan-to-value and must terminate at 78% LTV based on the original amortization schedule.

FHA financing permits 3.5% down with mortgage insurance premium; VA permits 0% down for eligible veterans; USDA offers 0% down in eligible rural areas.

Common qualifying ratios are 28% housing / 36% total debt for conventional and 31% / 43% for FHA, with automated underwriting permitting higher ratios.

New York is a judicial foreclosure state: the lender must sue, obtain a judgment of foreclosure, and complete a referee's sale; a deficiency judgment requires a separate motion within 90 days of the sale.

A lender's title policy protects only the lender's interest; an owner's policy protects the buyer and is issued at New York's promulgated rate.

Closing prorations divide taxes, rents, and fuel by the number of days each party owns the property during the billing period, using the closing date as the cut-off.

The federal Fair Housing Act prohibits discrimination on the basis of race, color, religion, sex, national origin, familial status, and disability.

The New York State Human Rights Law adds age, marital status, sexual orientation, gender identity, military status, source of income, arrest or conviction record, and domestic violence victim status.

Familial status protection does not apply to housing qualifying as housing for older persons under HOPA, meaning 62-and-over housing or 55-and-over housing meeting the 80% occupancy test.

For disability, landlords must permit reasonable modifications at the tenant's expense and provide reasonable accommodations, including assistance animals without a pet fee.

Blockbusting is inducing panic sales by claiming protected-class members are moving in; steering is directing buyers toward or away from areas based on protected class; redlining is denying loans or insurance in certain areas.

A HUD fair housing complaint must be filed within one year of the discriminatory act, a federal lawsuit within two years, and a New York State Division of Human Rights complaint within three years.

RESPA Section 8 prohibits giving or receiving anything of value for the referral of settlement service business, including undisclosed fee splits and unearned fees.

Advertising may not state a preference, limitation, or discrimination based on a protected class, and HUD requires the Equal Housing Opportunity logo and statement in residential ads.