Bill Text: NY S03318 | 2015-2016 | General Assembly | Amended

New York Senate Bill 3318 (Prior Session Legislation)

Bill Title: Defines a real estate team as two or more persons associated with the same real estate brokerage who hold themselves out or operate as a team.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2016-06-09 - referred to judiciary [S03318 Detail]

Download: New_York-2015-S03318-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        3318--A
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 5, 2015
                                      ___________
       Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
         printed to be committed to the Committee  on  Judiciary  --  committee
         discharged, bill amended, ordered reprinted as amended and recommitted
         to said committee
       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  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 440 of the real property law is amended by adding a
    2  new subdivision 7 to read as follows:
    3    7.  "TEAM" MEANS TWO OR MORE PERSONS, ONE OF WHOM MUST BE AN ASSOCIATE
    4  REAL ESTATE BROKER OR REAL ESTATE SALESPERSON, ASSOCIATED WITH THE  SAME
    5  REAL ESTATE BROKERAGE WHO HOLD THEMSELVES OUT OR OPERATE AS A TEAM.
    6    S 2.  This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01775-02-5