S T A T E O F N E W Y O R K
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10274
I N S E N A T E
May 11, 2026
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Introduced by Sen. FERNANDEZ -- 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 access to fair and
transparent real estate listings
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Short title. This act shall be known and may be cited as
the "Fair and Transparent Real Estate Listings Act".
§ 2. Legislative findings and intent. The legislature finds that open
and transparent access to residential real estate listings is essential
to fair housing opportunity, market competition, and accurate price
discovery. The legislature further finds that practices that keep for-
sale homes off broadly accessible public platforms, including use of
private listing networks or similar restricted-access systems, can limit
the ability of buyers and their agents to identify and compete for
available homes, reduce the pool of potential offers to sellers and
landlords and risk lower sale proceeds, and exacerbate segregation and
inequities by making some homes effectively invisible to certain buyers.
It is therefore the intent of the legislature to require timely public
advertising or marketing of listed residential properties on platforms
accessible to the general public and to real estate licensees represent-
ing prospective buyers, and permit non-public marketing only where the
seller gives informed, written direction after receiving a standardized
state disclosure that clearly explains the risks and tradeoffs of with-
holding a listing from public marketing.
§ 3. The real property law is amended by adding a new section 443-b to
read as follows:
§ 443-B. MARKETING. 1. FOR PURPOSES OF THIS SECTION:
(A) THE TERMS "BUYER", "LISTING AGENT", "LISTING AGREEMENT", "RESIDEN-
TIAL REAL PROPERTY", "SELLER", "LANDLORD" AND "TENANT" SHALL HAVE THE
SAME MEANINGS AS SUCH TERMS ARE DEFINED IN SECTION FOUR HUNDRED FORTY-
THREE OF THIS ARTICLE.
(B) "DEPARTMENT" MEANS THE NEW YORK DEPARTMENT OF STATE.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15186-07-6
S. 10274 2
(C) "PUBLICLY ADVERTISE OR MARKET" MEANS TO ADVERTISE, LIST, OR OTHER-
WISE MAKE INFORMATION ABOUT A PROPERTY AVAILABLE FOR SALE OR LEASE ON AT
LEAST ONE OTHER PUBLICATION, PLATFORM, OR WEBSITE THAT DOES NOT REQUIRE
PAYMENT AND/OR REQUIRE A CONSUMER TO WORK WITH THE LISTING BROKERAGE TO
GET ACCESS TO VIEW THE PROPERTY INFORMATION ON SUCH PLATFORM OR WEBSITE,
AND IS BROADLY ACCESSIBLE TO THE GENERAL PUBLIC AND TO ANY DULY LICENSED
REAL ESTATE BROKER OR REAL ESTATE SALESPERSON REPRESENTING PROSPECTIVE
BUYERS, WITHOUT LIMITATION TO A PARTICULAR BROKERAGE, FRANCHISE, OR
SELECT GROUP OF LICENSEES.
(D) "PRIVATE OR LIMITED ACCESS CHANNELS" MEANS SYSTEMS TO ADVERTISE,
LIST, OR OTHERWISE MAKE INFORMATION ABOUT A PROPERTY AVAILABLE FOR SALE
OR LEASE THAT:
(I) RESTRICTS ACCESS TO SOME OR ALL LISTING INFORMATION TO A DEFINED
SUBSET OF BROKERS, LICENSEES, OR BUYERS; AND
(II) IS NOT BROADLY ACCESSIBLE TO THE GENERAL PUBLIC AND TO ALL DULY
LICENSED REAL ESTATE BROKERS AND REAL ESTATE SALESPERSONS REPRESENTING
PROSPECTIVE BUYERS.
(E) "LICENSEE" MEANS A PERSON DULY LICENSED UNDER SECTION FOUR HUNDRED
FORTY-A OF THIS ARTICLE.
(F) "MULTIPLE LISTING SERVICE" MEANS A DATABASE THAT COOPERATING
LICENSEES USE AND MAINTAIN TO SHARE INFORMATION ABOUT RESIDENTIAL PROP-
ERTY LISTINGS.
2. A LISTING AGENT REPRESENTING A SELLER OR LANDLORD OF RESIDENTIAL
REAL PROPERTY SHALL:
(A) SHARE INFORMATION ON THE PROPERTY WITH ANY LICENSEES REPRESENTING
PROSPECTIVE BUYERS AND TENANTS;
(B) RESPOND TO INQUIRIES FROM ANY LICENSEES REPRESENTING PROSPECTIVE
BUYERS OR TENANTS;
(C) MAKE THE PROPERTY AVAILABLE FOR SHOWING TO PROSPECTIVE BUYERS OR
TENANTS;
(D) PUBLICLY ADVERTISE OR MARKET THE SELLER OR LANDLORD'S PROPERTY FOR
SALE OR LEASE, AT A MINIMUM, ON ONE OR MORE MULTIPLE LISTING SERVICES
FOR DISTRIBUTION AND DISPLAY ON THE MULTIPLE LISTING SERVICE PARTIC-
IPANTS' WEBSITES OR ON ONE OR MORE INTERNET PLATFORMS OR WEBSITES THAT
ARE:
(I) ACCESSIBLE TO THE GENERAL PUBLIC AND LICENSEES REPRESENTING
PROSPECTIVE BUYERS OR TENANTS; AND
(II) DO NOT REQUIRE PAYMENT AND/OR REQUIRE A CONSUMER TO WORK WITH THE
LISTING BROKERAGE TO GET ACCESS TO THE PROPERTY INFORMATION, UNLESS THE
SELLER OR LANDLORD, PRIOR TO OR AT THE TIME OF ENTERING INTO THE LISTING
AGREEMENT, COMPLETES AND SIGNS A DISCLOSURE AND OPT-OUT FORM AS
PROSCRIBED BY THE DEPARTMENT AND SET FORTH IN SUBDIVISION FIVE OF THIS
SECTION;
(E) CONCURRENTLY AND PUBLICLY ADVERTISE OR MARKET PROPERTIES LISTED ON
PRIVATE OR LIMITED ACCESS CHANNELS TO PROMOTE TRANSPARENCY AND ENSURE
OPEN AND NONDISCRIMINITORY ACCESS TO PROPERTY INFORMATION FOR ALL
PROSPECTIVE BUYERS OR TENANTS, UNLESS THE SELLER OR LANDLORD, PRIOR TO
OR AT THE TIME OF ENTERING INTO THE LISTING AGREEMENT, COMPLETES AND
SIGNS A DISCLOSURE AND OPT-OUT FORM AS PROSCRIBED BY THE DEPARTMENT AND
SET FORTH IN SUBDIVISION FIVE OF THIS SECTION; AND
(F) MAINTAIN A COPY OF THE SIGNED FORM SET FORTH IN SUBDIVISION FIVE
OF THIS SECTION FOR NOT LESS THAN THREE YEARS AND MAKE SUCH DOCUMENTA-
TION AVAILABLE TO THE DEPARTMENT OF STATE UPON REQUEST.
3. NOTHING IN THIS SECTION SHALL BE CONSTRUED TO REQUIRE A SELLER OR
LANDLORD TO HOLD OPEN HOUSES OR TO PERMIT SHOWINGS TO ANY PERSON IN
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VIOLATION OF THE SELLER OR LANDLORD'S RIGHTS UNDER STATE AND FEDERAL
LAW, INCLUDING LAWS RELATING TO HEALTH, SAFETY, AND SECURITY.
4. IT SHALL BE AFFIRMATIVE DEFENSE TO ANY CLAIM OF A VIOLATION OF THIS
SECTION, THAT THE LICENSEE ACTED IN GOOD FAITH IN FULFILLING ANY DUTIES
UNDER SUBDIVISION TWO OF THIS SECTION, UNLESS THE LICENSEE MADE A FALSE,
DECEPTIVE, OR MISLEADING REPRESENTATION.
5. (A) WHERE A SELLER OR LESSOR OF RESIDENTIAL REAL PROPERTY DIRECTS A
LISTING AGENT TO NOT PUBLICLY ADVERTISE OR MARKET THE LISTED PROPERTY AS
REQUIRED BY SUBDIVISION TWO OF THIS SECTION, THE LISTING AGENT SHALL
PROVIDE THE FOLLOWING DISCLOSURE AND OPT-OUT FORM TO THE SELLER AND
SHALL OBTAIN THE SELLER'S SIGNATURE ON SUCH FORM:
NEW YORK STATE DISCLOSURE FORM FOR SELLER OR LANDLORD
OPT-OUT OF PUBLIC MARKETING
THIS IS NOT A CONTRACT
NEW YORK STATE LAW REQUIRES REAL ESTATE LICENSEES ACTING AS AGENTS OF
SELLERS OR LANDLORDS OF PROPERTY TO ADVISE THE SELLERS OR LANDLORDS WITH
WHOM THEY WORK OF THE NATURE OF AVAILABILITY AND VISIBILITY OF REAL
ESTATE PROPERTY LISTINGS MADE AVAILABLE FOR SALE OR LEASE. THIS DISCLO-
SURE WILL HELP YOU TO MAKE INFORMED CHOICES ABOUT HOW THE PROPERTY LIST-
ING MAY BE ADVERTISED OR MARKETED TO THE GENERAL PUBLIC AND TO REAL
ESTATE LICENSEES REPRESENTING POTENTIAL BUYERS OR TENANTS. YOU WILL NOT
BE BOUND TO PAY THE AGENT OR THE AGENT'S BROKERAGE BY MERELY SIGNING
THIS FORM.
BY SIGNING THIS FORM, YOU ARE EXPRESSLY REQUESTING THAT THE SELLER'S
OR LANDLORD'S AGENT NOT PUBLICLY ADVERTISE OR MARKET YOUR PROPERTY FOR
SALE OR LEASE AS REQUIRED BY LAW, AND INSTEAD TO MARKET THE PROPERTY
ONLY ON A RESTRICTED BASIS AS DESCRIBED BELOW. BEFORE MAKING THIS
CHOICE, YOU SHOULD CAREFULLY REVIEW EACH OF THE STATEMENTS THAT FOLLOWS
TO CONFIRM THAT YOU UNDERSTAND THE POTENTIAL CONSEQUENCES OF WITHHOLDING
YOUR PROPERTY FROM PUBLIC MARKETING.
1. REDUCED VISIBILITY TO BUYERS OR TENANTS.
I UNDERSTAND THAT REAL ESTATE LICENSEES REPRESENTING PROSPECTIVE BUYERS
OR TENANTS MAY NOT BE AWARE THAT MY PROPERTY IS AVAILABLE FOR SALE OR
LEASE, AND THAT POTENTIAL BUYERS TENANTS WHO ARE NOT CONNECTED TO MY
LISTING AGENT OR THEIR BROKERAGE MAY NEVER SEE MY LISTING.
2. LIMITED ONLINE EXPOSURE.
I UNDERSTAND THAT MY PROPERTY SHALL NOT BE MARKETED OR DISTRIBUTED
OUTSIDE THE REAL ESTATE BROKERAGE THAT THE LISTING AGENT IS ASSOCIATED
WITH THROUGH MASS-MARKETING CHANNELS, INCLUDING BUT NOT LIMITED TO ELEC-
TRONIC MAIL BLASTS, BULK EMAIL DISTRIBUTIONS, LISTSERVS, NEWSLETTERS,
SYNDICATED FEEDS, OR WIDELY CIRCULATED PRINT PUBLICATIONS.
3. FEWER OFFERS AND POSSIBLE IMPACT ON PRICE AND TIMING.
I UNDERSTAND THAT REDUCING THE EXPOSURE OF MY PROPERTY MAY REDUCE THE
NUMBER OF OFFERS I RECEIVE FROM BUYERS AND TENANTS, AND COULD NEGATIVELY
IMPACT MY ABILITY TO SELL OR LEASE THE PROPERTY SOONER, WITH BETTER
TERMS AND AT A HIGHER PRICE.
4. RESTRICTED MARKETING CHANNELS.
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I UNDERSTAND THAT THE PROPERTY SHALL NOT BE ADVERTISED, DISPLAYED, OR
DISTRIBUTED ON ANY PUBLICLY ACCESSIBLE INTERNET PLATFORMS, WEBSITES, OR
DIGITAL SERVICES USED BY MEMBERS OF THE GENERAL PUBLIC TO SEARCH FOR
REAL ESTATE LISTINGS, INCLUDING BUT NOT LIMITED TO REAL ESTATE LISTING
WEBSITES, MULTIPLE LISTING SERVICE WEBSITES, ONLINE MARKETPLACES, SOCIAL
MEDIA PLATFORMS, OR WEBSITES THAT PROMOTE OR MARKET REAL ESTATE LISTINGS
TO A BROAD OR UNRESTRICTED AUDIENCE.
5. DISCRIMINATION PROHIBITED.
I UNDERSTAND THAT ANY MARKETING OF THE PROPERTY MUST NOT DISCRIMINATE
AGAINST ANY PROTECTED CLASSES IDENTIFIED IN FEDERAL, STATE OR LOCAL
LAWS.
THIS FORM WAS PROVIDED TO ME BY ____ (PRINT NAME OF LICENSEE) OF ___
(PRINT NAME OF COMPANY, FIRM OR BROKERAGE)
PROPERTY ADDRESS FOR REAL ESTATE TO BE LISTED FOR SALE OR LEASE:
________________________________________
SELLER(S) OR LANDLORD(S) SIGNATURE: ____ DATE: ____
SELLER(S) OR LANDLORD(S) SIGNATURE: ____ DATE: ____
SELLER(S) OR LANDLORD(S) PRINTED NAME: ________________________
SELLER(S) OR LANDLORD(S) PRINTED NAME: ________________________
(B) THE DEPARTMENT OF STATE IS AUTHORIZED AND DIRECTED TO:
(I) ISSUE SUCH RULES AND REGULATIONS AS ARE NECESSARY TO IMPLEMENT THE
REQUIREMENTS OF SUBDIVISION TWO OF THIS SECTION; AND
(II) MAKE THE STANDARDIZED DISCLOSURE AND OPT-OUT FORM PUBLICLY AVAIL-
ABLE ON THE DEPARTMENT'S WEBSITE.
(C) A LISTING AGENT SHALL NOT ALTER OR OMIT ANY REQUIRED DISCLOSURE
LANGUAGE IN THE STANDARDIZED FORM, AND ANY ADDITIONAL LANGUAGE ADDED BY
A LISTING AGENT SHALL NOT BE MISLEADING OR INCONSISTENT WITH THE PURPOSE
OF THIS SUBDIVISION.
§ 4. Paragraph (a) of subdivision 1 of section 441-c of the real prop-
erty law, as amended by chapter 529 of the laws of 2022, is amended to
read as follows:
(a) The department of state may revoke the license of a real estate
broker or salesperson or suspend the same, for such period as the
department may deem proper, or in lieu thereof may impose a fine not
exceeding [two] FIVE thousand dollars payable to the department of
state, provided that fifty percent of all moneys received by the depart-
ment of state for such fines shall be payable to the anti-discrimination
in housing fund established pursuant to section eighty-a of the state
finance law, or a reprimand upon conviction of the licensee of a
violation of any provision of this article, or for a violation of subdi-
vision four of section four hundred forty-two-h of this article, or for
a material misstatement in the application for such license, or if such
licensee has been guilty of fraud or fraudulent practices, or for
dishonest or misleading advertising, or has demonstrated untrustworthi-
ness or incompetency to act as a real estate broker or salesperson, or
for a violation of article fifteen of the executive law committed in
their capacity as a real estate broker or salesperson, as the case may
be. In the case of a real estate broker engaged in the business of a
tenant relocator, untrustworthiness or incompetency shall include engag-
ing in any course of conduct including, but not limited to, the inter-
ruption or discontinuance of essential building service, that interferes
with or disturbs the peace, comfort, repose and quiet enjoyment of a
tenant.
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§ 5. This act shall take effect on the one hundred eightieth day after
it shall have become a law. Effective immediately, the addition, amend-
ment and/or repeal of any rule or regulation necessary for the implemen-
tation of this act on its effective date are authorized to be made and
completed on or before such effective date.
