What's happening
This bill amends real property law to define a "real estate team" as two or more people affiliated with the same brokerage.
Why it matters
Provides legal clarity. by establishing a formal definition of "real estate team," which did not previously exist in state law and could impact how teams are regulated and supervised by brokerages and the state.
Impacts team branding and advertising. because it specifies that a team consists of at least two individuals (including at least one licensed broker or salesperson) working within the same brokerage, which may affect how teams market themselves to clients.
Could influence accountability and liability. within real estate transactions by clarifying the structure and official recognition of teams, potentially affecting how complaints, conflicts, or disciplinary actions are handled.
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Who cares
Headline styles
Define Real Estate Teams
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to local government
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.202
- Referred to local government
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
395
2019-2020 Regular Sessions
IN SENATE (Prefiled)
January 9, 2019
Introduced by Sen. LANZA -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government
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.
LBD03485-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the real property law, in relation to defining real estate team
Purpose or general idea of bill
To amend the real property law to define what constitutes a real estate "Team."
Summary of specific provisions
Section 1. Amends Section 440 of the real property law to define real estate "Team."
Section 2. Effective date.
Justification
"Teams" have become a popular form of practice among real estate profes- sionals in recent years. Teams offer a new form of customer service and are a consumer-friendly, positive development in the real estate profes- sion. Teams have been recognized by the New York State Department of State via regulation, but a formal statutory definition has not been provided. The purpose of this legislation is to amend the real property law to recognize and define real estate "teams." Providing a clear statutory definition will benefit both real estate licensees and consum- ers.
Prior legislative history
2018: S.3537 - Passed Senate / A.6540 - Referred to Judiciary 2017: S.3537 - Passed Senate / A.6540 - Referred to Judiciary 2016: S.3318 - Passed Senate / A.7323 - Referred to Judiciary 2015: S.3318 - Referred to Judiciary /A.7323 - Referred to Judiciary Similar to A.7840 of 2014.
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.