A building constructed in 1972 in Manhattan contains 15 rental units and has never received any tax benefits. What determines whether this building is subject to rent stabilization?
Correct Answer
A) The building is automatically subject to rent stabilization based on its construction date and number of units
Buildings constructed before 1974 with 6 or more rental units are automatically subject to rent stabilization in New York City, regardless of whether they received tax benefits. This building meets both criteria with its 1972 construction date and 15 units.
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Megan's Law requires states to make information about registered sex offenders available to the public. Some states require real estate agents to inform buyers about the availability of sex offender registries.
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
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A rent-stabilized tenant in Brooklyn wants to sublet their apartment for six months while traveling abroad. Under New York's rent stabilization laws, what is required for a legal sublet?
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Under current New York rent stabilization law, a rent-stabilized apartment can be removed from regulation in all of the following circumstances EXCEPT: