Bill > A10679

This bill, known as the "Fair and Transparent Real Estate Listings Act," aims to ensure that residential properties are widely advertised and accessible to the public and licensed real estate agents. It mandates that listing agents must publicly advertise or market properties on platforms accessible to everyone, including multiple listing services (MLS) or other websites that don't require payment or exclusive brokerage affiliation to view listings. Non-public marketing, meaning restricting access to a select group of brokers or buyers, is only permitted if the seller or landlord provides informed, written consent after receiving a standardized disclosure form from the state. This disclosure form clearly outlines the potential risks and tradeoffs of withholding a property from public marketing, such as reduced visibility to potential buyers, limited online exposure, fewer offers, and a potential negative impact on the sale price and timing. The bill also increases the maximum fine for real estate licensees for certain violations from $2,000 to $5,000.