These risks include, among others, general economic conditions, local
real estate conditions, tenant financial health, the availability of capital
to finance planned growth, continued volatility and uncertainty in the credit markets and broader financial markets, property acquisitions and the timing of these acquisitions, charges for property impairments, and the outcome of legal
proceedings to which the company is a
party, as described in the company's filings with the Securities and Exchange Commission.
All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed
to permit an unlicensed person
to sell, lease, or let
real estate, the beneficial title
to which has not, in good faith, passed
to such
party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or
proceedings had or taken under this chapter; however, this section shall not apply
to irrevocable gifts,
to unconditional contracts
to purchase, or
to options based upon a substantial consideration actually paid and not subject
to any agreements
to return or right of return reserved.»
79 DOS 99 Matter of DOS v. Pagano - disclosure of agency relationships; failure
to appear at hearing; proper business practices; unauthorized practice of law; unearned commissions; vicarious liability; fraudulent practice; jurisdiction; ex parte hearing may proceed upon proof of proper service; DOS has jurisdiction after expiration of respondents» licenses as acts of misconduct occurred and the
proceedings were commenced while the respondents were licensed; licensee fails
to timely provide seller client with agency disclosure form prior
to entering into listing agreement and fails
to timely provide agency disclosure form
to buyer upon first substantive contact; broker fails
to make it clear for which
party he is acting; broker violates 19 NYCRR 175.24 by using exclusive right
to sell listing agreement without mandatory definitions of «exclusive right
to sell» and «exclusive agency»; broker breaches fiduciary duties
to seller clients by misleading them as
to buyer's ability
to financially consummate the transaction; broker breaches his fiduciary duty
to seller by referring seller
to the attorney who represented the buyers when he knew or should have known such attorney could not properly protect seller's interests; improper for broker
to use listing agreements providing for broker
to retain one half of any deposit if forfeited by buyer as such forfeiture clause could, by its terms, allow broker
to retain part of the deposit when broker did not earn a commission; broker must conduct business under name as it appears on license; broker engaged in the unauthorized practice of law in preparing contracts for purchase and sale of
real estate which did not contain a clause making it subject
to the approval of the
parties» attorneys and were not a form recommended by a joint bar /
real estate board committee; broker demonstrated untrustworthiness and incompetency in using sales contract which purported
to change the terms of the listing agreement
to include a higher commission; broker demonstrated untrustworthiness and incompetency in using contracts of sale which were unclear, ambiguous, vague and incomplete; broker failed
to amend purchase agreement
to reflect amendment
to increase deposit amount; broker demonstrated untrustworthiness in back - dating purchase agreements; broker demonstrated untrustworthiness in participating in scheme
to have seller hold undisclosed second mortgage and
to mislead first mortgagee about the purchaser's financial ability
to purchase; broker demonstrated untrustworthiness by claiming unearned commission and filing affidavit of entitlement for unearned commission; DOS fails
to establish by substantial evidence that respondent acted as undisclosed dual agent; corporate broker bound by the knowledge acquired by and is responsible for acts committed by its licensees within the actual or apparent scope of their authority; corporate and individual brokers» licenses revoked, no action taken on application for renewal until proof of payment of sum of $ 2,000.00 plus interests for deposits unlawfully retained