Real Property Management Part 2 Flashcards
Who is the “lessee”?
A person who leases the property
Who is the “lesssor”
A person who leases property to another, aka, the landlord.
What does “familial status” refer to?
Familial status refers to any family situation with children under 18 years old
Who is responsible for enforcing NY State’s fair housing laws?
The Division of Human Rights - created to carry out the guarantees against discrimination.
Under the FEDERAL Fair Housing Act, can a landlord refuse to rent an apartment to an unmarried couple?
Yes
Marital status is NOT A FEDERALLY PROTECTED CLASS.
Americans with Disabilities Act of 1990 (ADA)
prohibits discrimination against disability “with regards to the full and equal enjoyment of the goods, services, facilities, or accommodations.”
Requires all public and commercial facilities to be accessible to individuals with disabilities
A disabled individual, confided to a wheelchair, would like to rent an apartment. The disabled individual states that the property would need to be made handicapped accessible. What happens now?
Landlord/owners are required to make provisions for handicap accessibility, but it does not require the landlord to bear the expense of the renovations AND the property is to be returned to its original condition upon termination of occupancy.
NYS Security Deposits are required to be put in interest bearing accounts if the property consists of….
6 or more units.
What is “rent control”?
A series of state and local regulations that restricts the amount of rent charged by property owners and restricts an owner’s right to evict residents
Generally applied to residential buildings that were constructed before 1947 in municipalities that have not declared an end to the rental housing emergency declared as a result of WWII
What is “rent stabilization”
Provides additional protections to tenants, including requiring certain essential services and providing the right to renew a lease for a term of one or two years.
Local rent guidelines boards determine the maximum rents allowable and allowable rent increases in rent-stabilized apartments
NYC Rent Stabilized Apartments include…
-at least 6 unit buildings that were built between 1947 - 1973 and tenants in buildings built before 1947 who moved in after June 30 1971.
Rent stabilization only applies to non rent controlled apartments in at lease 6 unit buildings that were built before 1/1/1974
Fact.
What is maximum base rent (MBR) system?
rent control operates under this system that is established for each apartment and is adjusted every two years to reflect changes in operating costs.
Example - increases services or substantially rehabilitates a building or installs a major capital improvement + experiences a hardship + experiences increased labor costs + experiences increased fuel costs
What does the NYS Warranty of Habitability Law state?
Property owners are required to lease property that is habitable and livable at the beginning of the lease term and to maintain the premises in habitable and livable conditions throughout the lease terms
What is a “gross lease” (full service lease)?
A lease that is straightforward exchange of rent for occupancy. Tenant pays a fixed rent.
Landlord pays all ownership expenses - property taxes, mortgage payments, repairs, janitorial services, insurance, sometime utilities
