Security deposits will now be limited to one month's rent, and it will be easier for all renters to get their security deposits back.
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For renters: Security deposits will be limited to one month's rent, and procedures will be adjusted to make it easier for renters to get security deposits back.
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In many cases, the security deposits aren't enough to cover defects.
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Landlords handle a lot of cash — first month's rent, security deposits.
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About two dozen states do not have limits for security deposits.
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Explainer: The new rules cover everything from security deposits to apartment upgrades.
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And you include balance sheet items like security deposits, equipment purchases, etc.
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The changes would be sweeping, covering everything from security deposits to apartment upgrades.
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You might have to pay large security deposits for apartments and high insurance rates.
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"Probably one of most common things I see relates to security deposits," said Khirallah.
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The return estimates incorporate bonuses, but not security deposits, as those are eventually returned.
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No agency, no end of tenancy cleaning costs and smaller than average security deposits.
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Both companies let those hardest hit out of their leases and returned security deposits.
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Beyond withholding tenants' security deposits, landlords had limited recourse when it came to collecting.
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You may be able to pay smaller security deposits for apartments and lower insurance rates.
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The package of protections extends well beyond those living in rent-regulated apartments to all New Yorkers renting apartments: Security deposits will be limited to one month's rent and procedures will be improved to make it easier for renters to get their security deposits back.
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Users can pay security deposits through the app, as well with a credit card, Douglas said.
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Secured cards are not ideal, though, because they require those security deposits and limit your spending.
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Insurance, social connections, and security deposits have been suggested as methods for deterring lending circle defaults.
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Renters shied away from making alterations to their spaces for fear of losing their security deposits.
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For property owners, offering no security deposits can be an effective marketing tool to attract potential renters.
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The law also limited the cost of the application fee, the credit check fee and security deposits.
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READ MORE HERE>>New housing laws around the country could give renters alternatives to cash security deposits.
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Both accounts waive the total monthly deposit thresholds in exchange for Social Security deposits of any amount.
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Without a good score, you may have to pay higher interest rates and put down security deposits.
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Mark said they put down security deposits on their home rentals that they don't expect to get back.
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They also pay placement fees to employment agencies and security deposits that are worth several months of wages.
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In central Florida, the local United Way is offering up to $5,000 toward security deposits for some families.
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"We would go into the shelters and see who we could help" with security deposits and rent, says Snyder.
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In the 1980s, fraudulent third-party brokers took finder's fees and security deposits from consumers but never issued cards.
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Jain told the New York Times in October that Rhino had saved New Yorkers $22020 million in security deposits.
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It means you can use it for hotel security deposits or car rentals just like a normal credit card.
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These include help with searching for and securing housing, security deposits, establishment of utility accounts, and basic home furnishings.
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She had already lined up apartments for them and was relieved the landlords were willing to return the security deposits.
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The rules affect evictions, security deposits, application fees and more, and could have an impact on policies in other states.
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The rent laws passed last year limited security deposits to one month's rent and also limited application fees to $20.
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Cincinnati recently passed a "Renter's Choice" law, which required landlords of a certain size to provide alternatives to security deposits.
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Another scam is listing a property that is already leased and then trying to collect application fees or security deposits.
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Edward later admitted to spending $2,000 a month from his father's bank accounts which included the Social Security deposits, reports KATU.
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Peak moving season brings a mountain of stress over lease signing and security deposits, but it also brings something awesome: Deals.
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It has another $1.6 billion in letters of credit, security deposits, and surety bonds it's also committed toward paying those obligations.
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I report withheld security deposits, every first month's rent pocketed, and I take all the legal deductions, just like Mr. Trump.
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India and Sri Lanka also require sponsors to provide security deposits that are returned once the worker has safely returned home.
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And other protections, such as limits on security deposits and protections against evictions, would apply to all renters, stabilized or not.
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Security deposits also disproportionally affect minorities and low-income families, who are less likely to have substantial savings, the report said.
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That means you may have access to better credit cards and loan rates, as well as lower security deposits and insurance rates.
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In addition, building owners have financial safeguards against WeWork's walking away, like guarantees from the company, letters of credit and security deposits.
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When a recession comes, Novel will likely be less protected than other landlords who have required longer leases and bigger security deposits.
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The host country also loses tax revenue and social security deposits to the East European countries where the workers' pay slips are based.
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One startup wants to make renting easier by getting rid of security deposits, with a solution that is beneficial for both renters and landlords.
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Sometimes, she would need to set up background checks for employees and even occasionally used her own money for security deposits (she was reimbursed).
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The New York-based company offers insurance products for renters, from traditional renter insurance to products that replace traditional lease guarantors and security deposits.
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Some proprietors forgo broker's fees or security deposits and offer month-to-month or six-month leases, which helps minor leaguers facing unpredictable seasons.
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Several borough presidents in New York City have proposed a plan to allow landlords to use their tenants' security deposits as their April rent payment.
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And that is because so much of the rental process is now online, from searching to sending security deposits, to paying the monthly rent itself.
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"The aircraft are in-demand, new technology narrow bodies in a standard specification and, as is usual, we're holding security deposits under the leases," Ross said.
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But he said Rhino has saved New York City tenants more than $60 million in security deposits since it started and $60 million nationally in 2019.
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It's worth noting that application fees for apartments were capped at $20 and security deposits at one month's rent under last year's new rent laws, too.
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Ten other states and Washington, D.C., have the one-month limit on security deposits, according to a March 220 analysis from Rent Cafe, a rental listings site.
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" She added, "These changes might dissuade some landlords from bringing eviction cases against month-to-month tenants merely in order to keep application fees and security deposits.
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In Tacoma, for example, students sometimes received vouchers for apartment rent, and did not use them because they weren't also given the money needed for security deposits.
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It's nice to have a place to call your ownI hang up pictures and make little holes in the wall without thinking of landlords or security deposits.
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If you have a high score, then you have access to better credit card, insurance and loan rates, as well as other perks, like potentially lower security deposits.
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"The seller of that plane will have recovered about $40 million for the one Delta quoted, because it would keep all maintenance reserves and security deposits," Kelly said.
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The legislation would allow public housing agencies to help low-income tenants with security deposits and services, including outreach to private landlords, housing search assistance and financial coaching.
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Use of the rest of the money appears to be restricted because it included customer security deposits or because it was held by the company's subsidiaries, she said.
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But to enforce the order, Qualcomm must pay two security deposits of 668.4 million euros (about $761 million) — one for Apple and another for its Apple Distribution International subsidiary.
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These debit cards are a bit more powerful than your average debit card as you can use them for security deposits without giving money and getting it back later.
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Traditional card issuers are typically reluctant to offer startups a corporate line of credit, and if they do, founders may have to personally guarantee payments or provide security deposits.
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In 225, New York City renters paid more than $500 million in security deposits, money that largely sat untouched in low-interest bank accounts, according to the city comptroller.
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The start-up is now focused on building political support for local policies nationwide that would require landlords to accept alternatives to security deposits and give renters more flexibility.
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As rents have climbed, so has the number of companies offering alternatives to security deposits: Jetty, Obligo, SureDeposit and TheGuarantors offer similar services with varying coverage and price plans.
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Dallas, Texas (CNN)The Dallas apartment complex that suffered damage from a crane collapse has been deemed "totally unusable," and residents will be refunded their security deposits and June rent.
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The 13MDB fund also made payments of $21 million, $21 million and $21 million as security deposits and other guarantees for the bond to the BVI firm, the report said.
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The rent laws passed in June also capped security deposits at one month's rent, further diminishing the lump sum amount renters typically must pay before being given keys to an apartment.
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Take the recent outages at Chime, the biggest challenger bank so far, in which millions of customers found themselves suddenly unable to buy groceries or put down security deposits on new apartments.
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In addition to its short-notice provisions, the company often asks for much smaller security deposits and has much lower early-termination fees — when it requires them — than other landlords, he said.
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Security deposits remain a steep financial barrier for low-income tenants and young renters with minimal savings, even though state lawmakers recently limited the deposits to the equivalent of one month's rent.
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Rhino was founded in 2017 with the goal of getting back to renters the billions of dollars that are locked up in cash security deposits, all while protecting landlords and their property.
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It also could prove to be a good advertising tool for landlords, especially in competitive markets in New York where some luxury buildings already offer concessions like free rent or reduced security deposits.
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Now a spate of start-ups is offering cheaper alternatives, envisioning a rental market without security deposits as a way to lower housing costs, curb inequality and put money back in people's pockets.
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We all know the pain of security deposits and haggling with moving companies, but there's no greater sense of freedom than stepping foot in an apartment that's really, truly yours for the first time.
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The law also contains a host of tenant protections that apply to all rental units, including limits on security deposits, late fees, credit check charges and "blacklists" used by landlords to screen prospective tenants.
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Rhino is getting rid of security deposits for rental apartments For a monthly fee, Rhino provides your landlord with an insurance policy for the potential damages that would normally be covered by a deposit.
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"You cannot be living hand-to-mouth," said Carlos Castro, the director of lease administration for Halstead Management, adding that renters should be aware of brokers' fees, security deposits and other housing-related expenses.
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The policy essentially allows for renters to be given a choice when it comes to cash deposits, including allowing residents to cover security deposits in installments or use insurtech products like Rhino to cover deposits.
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Defenders of the trust fund claim that Social Security deposits are guaranteed by the "full faith and credit of the federal government," though currently it may be fair to say that there's more faith than credit.
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But many questions remain, including whether the city, state or federal government will cover residents' moving expenses and security deposits and whether they will be able to find safe, affordable housing with the amounts they receive.
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David R. Jones, the president of the Community Service Society, an anti-poverty group, said that security deposits were an extraordinary burden for low-income people, but that he was concerned private companies could exploit susceptible tenants.
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But the Legislature did agree to limit security deposits on apartments statewide to one month's rent and to provide tenants in eviction proceedings with more time to hire a lawyer, address lease violations and pay overdue rent.
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But many transactions will be exempt, including those at parking lots and garages; businesses that sell goods through a membership model; rentals that require security deposits; online, telephone or mail-in transactions; and goods sold exclusively to employees.
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But last year, the company unveiled a service to replace security deposits whereby tenants pay a fraction of the deposit upfront (from 7 to 18 percent) and the company insures damages up to the amount of the deposit.
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But much to my surprise, I found that most two-bedroom rentals in the Rhode Island area cost about $403 to $700 a month more than my existing mortgage — and that was without all the exorbitant security deposits.
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" CFTC rules explicitly prohibit a retail currency dealer like FXCM from representing it "will guarantee customers against loss, limit the loss of customers, or not call for or attempt to collect security deposits, margin, or other deposits of customers.
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The City Council recently introduced a few bills aimed at lowering upfront costs for renters, including one to cap broker fees at one month's rent and another that would allow renters to pay security deposits in six monthly installments.
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It also would allow public housing authorities to help tenants with security deposits and services, including outreach to private landlords, housing search assistance, financial coaching and post-move efforts so families could adjust to life in their new neighborhoods.
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There's Fresh EBT, which helps people manage their food stamps; Domuso and Till, two companies that front people money for big expenses like security deposits; and Even, a "financial wellness platform" that charges users a monthly fee to balance their budgets.
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Robinson of Land Vista Property recommended inserting fair wear and tear clauses, citing the case of Hong Kong, where tenants are often required to re-paint walls and re-polish floors of rental units to get back their security deposits.
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Salaryo, a 218-year-old firm that provides financing for small businesses and startups to pay coworking security deposits and rent spaces, told Business Insider on Wednesday that it has nabbed $22 million in a mix of equity and debt.
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"It's the story of 2017," said Gabby Warshawer, the director of research for CityRealty, which has seen a spike in buildings offering reduced security deposits, with some asking as little as $500, as opposed to the time-honored one month's rent.
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Terra is one of 63 companies currently in AER's liability management plan, which essentially is a last-ditch effort at helping teetering companies with a liability rating close to, or below 1, by allowing them to make quarterly payments to cover security deposits.
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A senior source at one London bank said his firm had been building big reserves of sterling to lend out to any clients who get caught short by swirling asset valuations that require them to post extra security deposits with their trading partners.
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They struggled to find apartments or come up with the advance rent and security deposits that American landlords required, and felt as though they had no option but to stay on at the downtown hotel that had initially put them up free.
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Outside of bringing his job with him, the 26-year-old faced the same hurdles that makes every NYC transplant bemoan their arrival; finding and applying for an apartment, and surviving the maze of security deposits, broker fees, and roommate pairing that process entails.
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Among other things, Mr Wadsworth wants timelines set for permanently sealing inactive wells, a new requirement for firms to hand over security deposits for specific wells, and a requirement that they should have to complete an application procedure in order to take wells out of service.
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For example, as my students rattled off all the rumors they'd heard about the impending closure of Syracuse's campus, they dovetailed into fears—as well as other rumors—about what that would mean for graduation, for their parents' security deposits on hotel rooms, for their apartment leases.
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Taken together, the new laws — on everything from evictions to security deposits to rent caps for residents of mobile homes — represent a significant power shift away from landlords and cement New York's standing as a national leader of policies favorable to renters, of which there are 210 million statewide.
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And even though the expenses — vet visits, food, supplements, and toys — have added up over the years (they've even lost security deposits on apartments), neither Megan nor Logan could have anticipated the tough decision they'd have to make when one of their dogs suffered an emergency vet visit.
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In one of the more unusual stories from this week (and a great example of the work we're doing with our new real estate beat), we reported on fundraising for a startup called Salaryo which provides financing for small businesses and startups to pay their security deposits on coworking spaces.
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The tightening of rent regulations approved on Friday by the newly emboldened Democrats in the Legislature represents one of the most sweeping interventions by government in the New York City real estate market in decades, establishing new rules for millions of people on everything from rent increases to security deposits to evictions.
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While the policy is aimed at ensuring the broader energy industry and tax-payers are not left footing the bill, it has squeezed small firms, which typically have a higher proportion of tapped-out wells, to the point where some continue to operate loss-making assets just to avoid having to pay security deposits for inactive wells.
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Not only are leases in excess of three years now rare, but landlords often require 242- to 231-month security deposits for larger spaces, making it both difficult and unwise for artists to invest in building out studios, according to Esther Robinson, the co-executive director of Art Built, a nonprofit that recently partnered with the city to convert 2230,226 square feet of the Brooklyn Army Terminal to affordable artist studios.
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The most common complaints received by the state licensing boards for real estate brokers in New York, New Jersey and Connecticut include: misrepresenting a sales or rental situation (for example, saying that a property has numerous bidders when it does not to inflate the price); failing to disclose faults in a property; mishandling security deposits; encouraging clients to bid higher than necessary to close a deal; failing to perform contracted services, including required paperwork; withholding relevant information; attempting to sell someone else's exclusive listing; and posting misleading or inaccurate information online.
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