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Re: brokers fees

Posted by D.Lyons on September 02, 1998 at 20:24:27:

In Reply to: Re: brokers fees posted by Bruceee on August 31, 1998 at 13:47:18:

: :
: From
: The tenants Guide of the New York state attorney general's office:

: Apartment Referral Agencies

: Businesses that charge a fee for providing information about the location and availability of rental housing must be licensed by the state. The fees charged by these firms may not exceed one month's rent. When the information the firms provide does not result in a rental, the entire amount of any prepaid fee, less $15.00, must be returned to the tenant. Criminal prosecution for violations of this law may be brought by the Attorney General. (Real Property Law, Article 12-C)

Does this apply to Real Estate Brokers (within NYC) who show apartments they have in their listings? I've been to many Real Estate Offices in Brooklyn and Manhattan, and I'm being told that because of the "HOT" rental market today (more people than apartments available), the going Broker's FEE charged to the tenant is 12% of a YEAR'S rent in Brooklyn, and 15% of a YEAR'S rent in Manhattan. This is considerably more than 1 Month's rent. 8.34% of a year's rent would be more like 1 Month's rent as a fee..

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