REGULATIONS AS TO REAL ESTATE COMMISSIONS

AS ADOPTED BY

THE REAL ESTATE BOARD OF NEW YORK

The following schedule of commissions has been approved by the Real Estate Board of New York, viz.:

PRIVATE SALES

The commissions for the sale or exchange of real estate in the Boroughs of Manhattan and the Bronx, 2 1/2% of the selling price up to $40,000 and 1% of the excess of the selling price above $40,000.

For selling acreage within the limits of the Borough of the Bronx......

5%

For selling improved property in the Borough of Richmond.................................................

2 1/2%

For selling lots and acreage in the Borough of Richmond...............................................................

5%

For selling leaseholds within the limits of the Borough of Manhattan and the Bronx, on the assessed value of the land and improvements

1%

For selling leases in Manhattan and the Bronx, on the sum of the consideration to be paid for the lease............................................................................................

1%

Plus a commission where the lease is for 2 1/2 years or longer on the aggregate rental of $200,000 or less....................................................................................

1 1/2%

On aggregate gross rental over $200,000, 1 1/2% will govern up to $200,000 and 1% additional on the amount above $200,000...............................................

For selling furniture and fixtures....................................................................................................

10%

WATER FRONT

For selling water front properites of New York Harbor..................................................................

5%

SPECIAL RULES

For exchanging real estate a commission shall be paid on all properties mentioned in the contract by the respective sellers thereto.

No commission of less than $100 shall be charged in making a sale of property.

Should the title of property prove to be imperfect, whereby a sale cannot be consummated, the claim for commission shall not be invalidated thereby.

Brokerage shall be due and payable when the price and terms are arranged between buyer and seller.

MORTGAGES

For procuring the acceptance of first mortgage loan applications (except by agreement).....................................................................................................................

1%

LEASING

Leasing for a term of one year or under on an amount equal to one year's rental...............................................................................................................................

3 3/4%

Leases for a period of more than one year and less than 2 1/2 years on the average of full year rentals...........................................................................................

3 3/4%

Fractional parts of a year are not to be considered.

Leasing for term of 2 1/2 years or longer on aggregate gross rental of $200,00 or less on aggregate gross rental.................................................................................

1 1/2%

On transactions involving an aggregate gross rental of over $200,-

000 the 1 1/2% rate will govern up to $200,000 and 1% additional on the amount of the gross rental in excess of $200,000.

Leasing private dwellings or apartments furnished for a term of one year or under on the total rent to be paid....................................................................

5%

There shall be no additional charge for leases under 2 1/2 years.

Leasing private dwellings or apartments furnished for 2 1/2 years or more, on the total amount of rent paid........................................................................................

2%

Leasing Water Front Property of New York Harbor on the gross amount of the rental.....................................................................................................................

5%

Leasing country property first year.....................................................................................

5%

Leasing each subsequent year to same party............................................................................

2 1/2%