Industry News

New York real estate under microscope

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Federal officials have turned an eye to real estate listings and commission practices in New York, according to a report from the New York Times. The Real Estate Board of New York, a real estate group with broad membership, has received subpoenas from the New York Attorney General's Office and the U.S. Federal Trade Commission's regional office in New York, the Times reported. Officials at both offices had no comment about the actions. Members of the Real Estate Board, known as REBNY (pronounced REB-nee), include residential and commercial real estate brokers; property owners, builders and managers; banks, financial services companies, utilities, lawyers, architects and contractors, among other professionals working in real estate-related fields. While the vast majority of real estate agents and brokers across the country are members of local, state and national Realtor associations, REBNY is a separate, unaffiliated organization. Steven Spinola, REBNY president, was not immediat...