Bill Text: NY S05508 | 2013-2014 | General Assembly | Amended

New York Senate Bill 5508 (Prior Session Legislation)

Bill Title: Requires real estate teams to be registered with the department of state.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO JUDICIARY [S05508 Detail]

Download: New_York-2013-S05508-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        5508--B
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                     May 16, 2013
                                      ___________
       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  --  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 and requiring the registration of real estate teams
         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 A REAL ESTATE
    4  BROKER, ASSOCIATE REAL ESTATE BROKER OR REAL ESTATE SALESPERSON, WHO ARE
    5  ASSOCIATED WITH THE SAME REAL ESTATE BROKERAGE AND  WHO  REGISTER  THEM-
    6  SELVES AS A TEAM PURSUANT TO THIS ARTICLE.
    7    S 2. The real property law is amended by adding a new section 440-c to
    8  read as follows:
    9    S  440-C.  REAL  ESTATE TEAMS; REGISTRATION. 1. ANY DULY LICENSED REAL
   10  ESTATE BROKER, ASSOCIATE BROKER OR SALESPERSON DESIRING TO ACT AS A REAL
   11  ESTATE TEAM SHALL HAVE THE REAL ESTATE BROKER WITH WHOM THEY ARE ASSOCI-
   12  ATED FILE, WITH THE DEPARTMENT OF STATE AT  ITS  OFFICE  IN  ALBANY,  AN
   13  APPLICATION FOR THE REGISTRATION OF THE TEAM NAME.
   14    SUCH  APPLICATION  SHALL BE IN SUCH FORM AND DETAIL AS SUCH DEPARTMENT
   15  SHALL PRESCRIBE INCLUDING:
   16    (A) THE FULL TEAM NAME AND ADDRESS OF THE OFFICE WHERE THE  TEAM  WILL
   17  OPERATE; AND
   18    (B)  THE  NAME  OR NAMES AND LICENSE NUMBER OR NUMBERS OF THE LICENSED
   19  INDIVIDUAL OR INDIVIDUALS COMPRISING THE TEAM NAME.
   20    2.  TEAM NAMES SHALL EITHER:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11016-06-3
       S. 5508--B                          2
    1    (A) INCLUDE THE FULL LICENSED NAME OF AT LEAST ONE OF THE REAL  ESTATE
    2  BROKER  OR BROKERS, ASSOCIATE BROKER OR BROKERS OR REAL ESTATE SALESPER-
    3  SON OR SALESPERSONS THAT ARE PART OF SUCH TEAM; OR
    4    (B) IF SUCH A NAME IS NOT INCLUDED, THE TEAM NAME SHALL BE IMMEDIATELY
    5  FOLLOWED BY "AT/OF (FULL NAME OF REAL ESTATE BROKER/BROKERAGE)".
    6    ALL  TEAM  NAMES  SHALL USE THE TERM "TEAM". THE USE OF ANY OTHER TERM
    7  BESIDES "TEAM" INCLUDING, BUT NOT LIMITED TO  "ASSOCIATE",  "REALTY"  OR
    8  "GROUP"  IS  PROHIBITED.  THE  USE  OF THE NAME OF ANY PERSON WHO IS NOT
    9  LICENSED PURSUANT TO THIS ARTICLE IN A TEAM NAME IS PROHIBITED.
   10    3.  TEAMS SHALL NOT BE LICENSED ENTITIES AND AS SUCH,  ARE  PROHIBITED
   11  FROM  PERFORMING ANY ACTIVITY REQUIRING A LICENSE PURSUANT TO THIS ARTI-
   12  CLE.  TEAMS ARE PROHIBITED FROM ENTERING INTO AGREEMENTS WITH  CONSUMERS
   13  AND  EACH  TEAM  MEMBER  CAN ONLY ACT AS A REAL ESTATE BROKER, ASSOCIATE
   14  BROKER OR SALESPERSON.
   15    4. REGISTRATION OF A TEAM NAME DOES NOT CONFER ANY  ADDITIONAL  RIGHTS
   16  OR STATUS TO THE TEAM OR ANY MEMBER OF THE TEAM.
   17    5.  THE  SUPERVISION  OF TEAM MEMBERS BY A LICENSED REAL ESTATE BROKER
   18  SHALL CONSIST OF REGULAR, FREQUENT  AND  CONSISTENT  PERSONAL  GUIDANCE,
   19  INSTRUCTION,  OVERSIGHT  AND  SUPERINTENDENCE  BY THE REAL ESTATE BROKER
   20  WITH RESPECT TO THE GENERAL REAL ESTATE BROKERAGE BUSINESS CONDUCTED  BY
   21  THE TEAM, AND ALL MATTERS RELATING THERETO.
   22    6.  A REAL ESTATE BROKER MAY CANCEL A REGISTERED REAL ESTATE TEAM NAME
   23  OR, UPON REQUEST BY THE LICENSED INDIVIDUAL OR INDIVIDUALS REGISTERED AS
   24  MEMBERS OF A TEAM PURSUANT TO PARAGRAPH (B) OF SUBDIVISION ONE  OF  THIS
   25  SECTION,  A  REGISTERED  REAL ESTATE TEAM NAME SHALL BE CANCELLED BY THE
   26  ASSOCIATED REAL ESTATE BROKER WHO SHALL FILE A CANCELLATION OF REGISTRA-
   27  TION NOTICE ON SUCH FORM AS THE SECRETARY OF STATE MAY DESIGNATE.  THERE
   28  SHALL BE NO FEE FOR CANCELLING A TEAM NAME REGISTRATION.
   29    S  3. This act shall take effect on the first of January next succeed-
   30  ing the date on which it shall have become  a  law.  Provided,  however,
   31  that  effective  immediately,  the  secretary of state is authorized and
   32  directed to promulgate any rules and regulations necessary to  implement
   33  the provisions of this act on its effective date on or before such date.