New York Assembly Bill A08119 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 8119 2023-2024 Regular Sessions  IN ASSEMBLY October 13, 2023 ___________ 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 the duty of a licensed real estate broker to supervise real estate salespersons The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 442-c of the real property law, as amended by chap- 2 ter 529 of the laws of 2022, is amended to read as follows: 3 § 442-c. Violations by salespersons; duty to supervise; broker's 4 responsibility. 1. A licensed real estate broker shall have a duty to 5 exercise reasonable and adequate supervision over real estate salesper- 6 sons and associate real estate brokers through regular, frequent and 7 consistent personal guidance, instruction and oversight. Reasonable and 8 adequate supervision shall also be determined by: the availability of 9 the supervising broker to all salespersons and associate brokers under 10 the supervision of the broker to review and approve all documents; the 11 distance between the supervising broker's main location and all branch 12 offices with salespersons and associate brokers the supervising broker 13 oversees; and the ability of the broker to familiarize salespersons and 14 associate brokers with the requirements of federal and state law govern- 15 ing real estate transactions, including, without limitation, prohibi- 16 tions against discrimination. 17 2. No violation of a provision of this article by a real estate sales- 18 person or employee of a real estate broker shall be deemed to be cause 19 for the revocation or suspension of the license of the broker, unless it 20 shall appear that the broker had actual knowledge of such violation, or 21 failed to exercise reasonable and adequate supervision over the real 22 estate salesperson or associate broker or retains the benefits, profits 23 or proceeds of a transaction wrongfully negotiated by their salesperson, 24 associate broker or employee after notice of the salesperson's, associ- 25 ate broker's or employee's misconduct. A broker shall be guilty of a 26 misdemeanor for having any salesperson associated with their firm who 27 has not secured the required license authorizing such employment. 28 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01879-01-3