Relates to the definition and term of real estate listing agreements; provides that no real estate broker shall be a party to a listing agreement if such agreement is for a period longer than two years; provides that a listing agreement shall not be enforceable if the agreement is for a period longer than two years.
Impact
The introduction of A08120 would significantly impact the way real estate transactions are conducted within the state. By limiting the duration of listing agreements to two years, it is expected that this will encourage more dynamic market activity, as sellers would have the ability to reassess their relationships with brokers more frequently. This change also aims to protect consumers from being tied into potentially outdated or unfavorable agreements for extended periods, thus providing them with greater leverage and flexibility in the housing market.
Summary
Bill A08120 seeks to amend the New York real property law to define and regulate real estate listing agreements. The bill stipulates that no real estate broker can be part of a listing agreement exceeding a two-year duration. Furthermore, any agreement longer than this period will not be enforceable. The aim of this legislation is to bring more clarity and consistency to how listing agreements are managed in the real estate sector, potentially benefiting both consumers and real estate practitioners by standardizing practices and reducing the complexity associated with longer contracts.
Contention
While the bill addresses important aspects of real estate transactions, it may face contention from real estate professionals who argue that longer agreements can provide better stability for sales and marketing efforts. Some stakeholders believe that limiting the duration of agreements could lead to increased administrative burdens for brokers who might need to renegotiate contracts more frequently. Moreover, concerns could arise over whether this legislation might unintentionally discourage some brokers from taking on certain properties if they feel that the two-year limit hampers their ability to operate effectively.
Same As
Relates to the definition and term of real estate listing agreements; provides that no real estate broker shall be a party to a listing agreement if such agreement is for a period longer than two years; provides that a listing agreement shall not be enforceable if the agreement is for a period longer than two years.
Relates to certain benefits provided pursuant to collective bargaining agreements; provides that the temporary president of the senate and speaker of the assembly shall approve changes to health benefits for employees or retirees not subject to a collective bargaining agreement.
Relates to certain benefits provided pursuant to collective bargaining agreements; provides that the temporary president of the senate and speaker of the assembly shall approve changes to health benefits for employees or retirees not subject to a collective bargaining agreement.
Allows certain licensees to form cooperative agreements to make joint purchases of alcoholic beverages provided that such agreement and activity conform to certain standards.
Allows certain licensees to form cooperative agreements to make joint purchases of alcoholic beverages provided that such agreement and activity conform to certain standards.
Allows certain licensees to form cooperative agreements to make joint purchases of alcoholic beverages provided that such agreement and activity conform to certain standards.
Relates to prohibiting transportation network companies from including mandatory arbitration clauses in user agreements for certain offenses including assault and sex offenses; provides all user agreements issued with such clause shall be considered null and void and new agreements without such clause shall be issued within 14 days of the effective date of this legislation.
Relates to providing net revenues from utility-owned large-scale renewable generation projects to low-income customers; authorizes utility companies to own such projects; provides that the commission shall require labor agreements and labor peace agreements.
Relates to providing net revenues from utility-owned large-scale renewable generation projects to low-income customers; authorizes utility companies to own such projects; provides that the commission shall require labor agreements and labor peace agreements.
Relates to providing net revenues from utility-owned large-scale renewable generation projects to low-income customers; authorizes utility companies to own such projects; provides that the commission shall require labor agreements and labor peace agreements.
Prohibits agreements between employers that directly restrict the current or future employment of any employee; allows for a cause of action against employers who engage in such agreements.