Bill > S03731

This bill amends the New York Real Property Law by formally defining a "real estate team" as two or more individuals associated with the same real estate brokerage who market or operate together as a team, with the requirement that at least one team member must be a licensed associate real estate broker or real estate salesperson. The proposed definition provides clarity and legal recognition to a common professional practice in the real estate industry, where multiple agents collaborate under a shared team identity while working within the same brokerage. By codifying this definition, the bill helps establish a standardized understanding of what constitutes a real estate team, which could have implications for professional practices, marketing, and potentially regulatory oversight. The bill is straightforward and will take effect immediately upon passage.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S3731