F

ARE

Act Compliance Checklist

Ef fective June 11, 2025 - NYC Rental Law Update Presented by Peter Mancini, Pen Realty | REBNY & BNYMLS

For Renters

- Confirm lease signing date is on or after June 11, 2025 for the F ARE Act to apply - Ask if the landlord hired the brokerif so, they pay the commission - Do not pay any broker fee unless you p ersonall y h ired them - If you hired a broker yourself, s ign a written agre ement - Request an itemized list of fees before signing the lea se - Keep a copy of all signed agreements and di sc losures

For Land

lords

- Update all listings to clearly state w ho pays the broker fee - Provide written, itemized disclosure of fees to tenant b efore lease si gning - Ensure all leases signed on/after June 11, 2025 reflect F ARE Act compliance - Coordinate with your broker to avoid dual fee re quests - Understand that violations ca n r esult in fines up to $2,00 0 - Consult with Pen Realty for F ARE-compliant leasing services

For Brokers

- Require written agreements with either party before p erfo rming service s - Clarify upfront who is responsi ble for th e commission - Do not collect fees from both parties unless lawfu lly agree d u pon - Educate landlord clients about their new re sp onsibi lities - Release listings if the landlord wont ho nor compensa ti on te rms - Keep a signed paper trail for legal and REBNY compliance