S 3731: 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.

  
  STATE OF NEW YORK ________________________________________________________________________ 3731 2025-2026 Regular Sessions  IN SENATE 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: 1 Section 1. Section 440 of the real property law is amended by adding a 2 new subdivision 7 to read as follows: 3 7. "Team" means two or more persons, one of whom must be an associate 4 real estate broker or real estate salesperson, associated with the same 5 real estate brokerage who hold themselves out or operate as a team. 6 § 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