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Senate Bill S3731

2025-2026 Legislative Session

Defines a real estate team as two or more persons associated with the same real estate brokerage who hold themselves out or operate as a team

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Current Bill Status - In Senate Committee Local Government Committee

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2025-S3731 (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
Real Property Law
Laws Affected:
Amd §440, RP L
Versions Introduced in Other Legislative Sessions:
2013-2014: S5508
2015-2016: S3318
2017-2018: S3537
2019-2020: S395
2021-2022: S4503
2023-2024: S3076

2025-S3731 (ACTIVE) - Summary

Defines a real estate team as two or more persons associated with the same real estate brokerage who hold themselves out or operate as a team.

2025-S3731 (ACTIVE) - Sponsor Memo

2025-S3731 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3731
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 29, 2025
                                ___________
 
 Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend the real property law,  in  relation  to  defining  real
   estate team
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 440 of the real property law is amended by adding a
 new subdivision 7 to read as follows:
   7. "TEAM" MEANS TWO OR MORE PERSONS, ONE OF WHOM MUST BE AN  ASSOCIATE
 REAL  ESTATE BROKER OR REAL ESTATE SALESPERSON, ASSOCIATED WITH THE SAME
 REAL ESTATE BROKERAGE WHO HOLD THEMSELVES OUT OR OPERATE AS A TEAM.
   § 2.  This act shall take effect immediately.
 
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07515-01-5

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