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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5508
                              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
       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 SALES PERSON DESIRING  TO  ACT  AS  A
   11  REAL  ESTATE  TEAM  SHALL HAVE THE REAL ESTATE BROKER WITH WHOM THEY ARE
   12  ASSOCIATED FILE, WITH THE DEPARTMENT OF STATE AT ITS OFFICE  IN  ALBANY,
   13  AN APPLICATION FOR THE REGISTRATION OF THE TEAM.
   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  NAMES AND LICENSE NUMBERS OF THE LICENSED INDIVIDUALS REGIS-
   19  TERING THE TEAM NAME.
   20    2. TEAMS SHALL NOT BE LICENSED ENTITIES AND AS  SUCH,  ARE  PROHIBITED
   21  FROM  PERFORMING ANY ACTIVITY REQUIRING A LICENSE PURSUANT TO THIS ARTI-
   22  CLE.  TEAMS ARE PROHIBITED FROM ENTERING INTO AGREEMENTS WITH  CONSUMERS
   23  AND  EACH  TEAM  MEMBER  CAN ONLY ACT AS A REAL ESTATE BROKER, ASSOCIATE
   24  BROKER OR SALESPERSON.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11016-02-3
       S. 5508                             2
    1    3. REGISTRATION OF A TEAM DOES NOT CONFER  ANY  ADDITIONAL  RIGHTS  OR
    2  STATUS TO THE TEAM OR ANY MEMBER OF THE TEAM.
    3    4.  THE  SUPERVISION  OF TEAM MEMBERS BY A LICENSED REAL ESTATE BROKER
    4  SHALL CONSIST OF REGULAR, FREQUENT  AND  CONSISTENT  PERSONAL  GUIDANCE,
    5  INSTRUCTION,  OVERSIGHT  AND  SUPERINTENDENCE  BY THE REAL ESTATE BROKER
    6  WITH RESPECT TO THE GENERAL REAL ESTATE BROKERAGE BUSINESS CONDUCTED  BY
    7  THE TEAM, AND ALL MATTERS RELATING THERETO.
    8    5.  A  REGISTERED REAL ESTATE TEAM MAY BE TERMINATED BY THE ASSOCIATED
    9  REAL ESTATE BROKER WHO SHALL FILE A TERMINATION OF  REGISTRATION  NOTICE
   10  ON  SUCH FORM AS THE SECRETARY OF STATE MAY DESIGNATE. THERE SHALL BE NO
   11  FEE FOR TERMINATING A TEAM REGISTRATION.
   12    S 3. This act shall take effect on the first of January next  succeed-
   13  ing  the  date  on  which it shall have become a law. Provided, however,
   14  that effective immediately, the secretary of  state  is  authorized  and
   15  directed  to promulgate any rules and regulations necessary to implement
   16  the provisions of this act on its effective date on or before such date.