Bill Text: NY S02157 | 2021-2022 | General Assembly | Amended
Bill Title: Requires associate real estate brokers serving as real estate office managers to exercise supervision over other associate brokers and real estate salesmen.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Passed) 2021-12-21 - SIGNED CHAP.699 [S02157 Detail]
Download: New_York-2021-S02157-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 2157--A Cal. No. 232 2021-2022 Regular Sessions IN SENATE January 20, 2021 ___________ Introduced by Sens. THOMAS, KAPLAN, KAVANAGH -- read twice and ordered printed, and when printed to be committed to the Committee on Judici- ary -- reported favorably from said committee and committed to the Committee on Rules -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property law, in relation to associate real estate brokers acting as office managers The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 6 of section 440 of the real property law, as 2 added by chapter 183 of the laws of 2006, is amended to read as follows: 3 6. "Office manager" means a licensed associate real estate broker who 4 shall by choice elect to work as an office manager under the name and 5 supervision of another individual broker or another broker who is 6 licensed under a partnership, trade name, limited liability company or 7 corporation. An associate real estate broker shall be required to have 8 been active as a licensed associate broker for at least two of the four 9 years preceding appointment as an office manager. Such individual shall 10 retain his or her license as a real estate broker as provided for in 11 this article and shall be required to exercise the same duty of super- 12 vision over salesmen and associate brokers as a licensed real estate 13 broker; provided, however, that the practice of real estate sales and 14 brokerage by such individual as an associate broker shall be governed 15 exclusively by the provisions of this article as they pertain to real 16 estate salesmen. Nothing contained in this subdivision shall preclude an 17 individual who is licensed as an associate broker who elects to work as 18 an office manager from also retaining a separate real estate broker's 19 license under an individual, partnership, trade name, limited liability 20 company or corporation. 21 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08443-02-1
