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Showing posts with label 175.21. Show all posts
Showing posts with label 175.21. Show all posts

Wednesday, December 22, 2021

New Real Estate Brokerage Law - Office Manager's Qualification / Supervisory Requirements

If you are an associate real estate broker serving as a real estate brokerage office manager you are now responsible for your associated real estate salespersons' license law violations. Be warned. 


The statute, S2157A, amends Real Property Law section 440(6) and also requires an associate real estate broker to have been active in the real estate industry for two of the four years preceding appointment as an office manager. 


All associate real estate brokers, who manage offices, should quickly become familiar with their company's policies and procedures to the extent of checking whether they comply with Article 12-A and 19 NYCRR 175 for if they don't, you, the manager are now liable. Also, read 19 NYCRR 175.21, which defines your supervisory responsibility to include "regular, frequent and consistent personal guidance, instruction, oversight and superintendence" together with record keeping.

Best of luck.