Bill Text: NY A06355 | 2021-2022 | General Assembly | Introduced

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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 10-0)

Status: (Introduced - Dead) 2021-06-03 - substituted by s2157a [A06355 Detail]

Download: New_York-2021-A06355-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6355

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                     March 16, 2021
                                       ___________

        Introduced  by M. of A. SOLAGES -- read once and referred to the Commit-
          tee on Judiciary

        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.
                                                                   LBD08443-03-1