How current events impact your business and real estate holdings

Wednesday, February 27, 2013

Is My Broker Required to Release My License?

Yes and the broker must do so immediately says the Department of State in Department of State v. Gill, Vassel and Heritage Realty, Inc. at 2283 DOS 07 where it was held that: "The failure to make such a filing until some one or two months after the termination of association with their brokerage, Respondents Vassel and Heritage violated RPL §442-b, and demonstrated incompetency. DLS v James, 10 DOS 93."

Specifically, the Department of State referred to Real Property Law 442-b when it made its decision. The statute states:

Discontinuance or change of salesperson’s association; report: When the association of any real estate salesperson shall have been terminated for any reason whatsoever, his broker shall forthwith notify the Department of State thereof in such manner as the department shall prescribe. Where change of such salesperson’s association is the basis for such termination, the salesperson’s successor broker shall forthwith notify the department of such change in such manner as the department shall

Therefore, the broker has the duty to release a license forthwith.

To learn more about brokerage statutes and regulations in NY and how the actually effect your life and livelihood  register for Lieb School today.