What's happening
This bill amends the real property law to officially define a "real estate team" as two or more agents working together.
Why it matters
Clarifies the legal status of real estate teams. by providing an official definition, which can help eliminate ambiguity regarding how groups of agents can operate within a brokerage.
Establishes clearer oversight and accountability. by specifying that at least one member of a team must be a licensed associate real estate broker or salesperson, potentially improving professional standards.
May impact advertising, liability, and consumer protections. by formally recognizing teams, possibly leading to future regulations about how teams present themselves to clients and the public.
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Define Real Estate Teams
Plain English, a few words. Used as the page title.
Sponsors
History
- Referred to judiciary
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Define Real Estate Teams
In Assembly Committee · Judiciary · Sponsor Andrew J. Lanza
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6540
2017-2018 Regular Sessions
IN ASSEMBLY
March 9, 2017
Introduced by M. of A. CUSICK, SKOUFIS -- Multi-Sponsored by -- M. of A. LUPINACCI -- read once and referred to the Committee on Judiciary
AN ACT to amend the real property law, in relation to defining real estate team
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 440 of the real property law is amended by adding a new subdivision 7 to read as follows:
7. "Team" means two or more persons, one of whom must be an associate real estate broker or real estate salesperson, associated with the same real estate brokerage who hold themselves out or operate as a team.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02357-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.