New York § 440 Definitions

New York Statutes

§ 440 — Definitions

New York § 440

Law RPPReal Property

Art. 12-AReal Estate Brokers and Real Estate Salespersons

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Bluebook

N.Y. Real Property § 440 (2026).

Text

§ 440. Definitions.

1.Whenever used in this article "real estate\nbroker" means any person, firm, limited liability company or\ncorporation, who, for another and for a fee, commission or other\nvaluable consideration, lists for sale, sells, at auction or otherwise,\nexchanges, buys or rents, or offers or attempts to negotiate a sale, at\nauction or otherwise, exchange, purchase or rental of an estate or\ninterest in real estate, or collects or offers or attempts to collect\nrent for the use of real estate, or negotiates or offers or attempts to\nnegotiate, a loan secured or to be secured by a mortgage, other than a\nresidential mortgage loan, as defined in section five hundred ninety of\nthe banking law, or other incumbrance upon or transfer of real estate,\nor is engaged in the busines

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§ 440. Definitions. 1. Whenever used in this article "real estate\nbroker" means any person, firm, limited liability company or\ncorporation, who, for another and for a fee, commission or other\nvaluable consideration, lists for sale, sells, at auction or otherwise,\nexchanges, buys or rents, or offers or attempts to negotiate a sale, at\nauction or otherwise, exchange, purchase or rental of an estate or\ninterest in real estate, or collects or offers or attempts to collect\nrent for the use of real estate, or negotiates or offers or attempts to\nnegotiate, a loan secured or to be secured by a mortgage, other than a\nresidential mortgage loan, as defined in section five hundred ninety of\nthe banking law, or other incumbrance upon or transfer of real estate,\nor is engaged in the business of a tenant relocator, or who,\nnotwithstanding any other provision of law, performs any of the above\nstated functions with respect to the resale of condominium property\noriginally sold pursuant to the provisions of the general business law\ngoverning real estate syndication offerings. In the sale of lots\npursuant to the provisions of article nine-A of this chapter, the term\n"real estate broker" shall also include any person, partnership,\nassociation or corporation employed by or on behalf of the owner or\nowners of lots or other parcels of real estate, at a stated salary, or\nupon a commission, or upon a salary and commission, or otherwise, to\nsell such real estate, or any parts thereof, in lots or other parcels,\nand who shall sell or exchange, or offer or attempt or agree to\nnegotiate the sale or exchange, of any such lot or parcel of real\nestate. For purposes of this subdivision the term, "interest in real\nestate" shall include the sale of a business wherein the value of the\nreal estate transferred as part of the business is not merely incidental\nto the transaction, and shall not include the assignment of a lease, and\nfurther, the transaction itself is not otherwise subject to regulation\nunder state or federal laws governing the sale of securities. In\nconnection with the sale of a business the term "real estate broker"\nshall not include a person, firm or corporation registered pursuant to\nthe provisions of article twenty-three-A of the general business law or\nfederal securities laws.\n 2. "Associate real estate broker" means a licensed real estate broker\nwho shall by choice elect to work under the name and supervision of\nanother individual broker or another broker who is licensed under a\npartnership, trade name, limited liability company or corporation. Such\nindividual shall retain their license as a real estate broker as\nprovided for in this article; provided, however, that the practice of\nreal estate sales and brokerage by such individual as an associate\nbroker shall be governed exclusively by the provisions of this article\nas they pertain to real estate salespersons. Nothing contained herein\nshall preclude an individual who elects to be licensed as an associate\nbroker from also retaining a separate real estate broker's license under\nan individual, partnership, trade name, limited liability company or\ncorporation.\n 3. "Real estate salesperson" means a person associated with a licensed\nreal estate broker to list for sale, sell or offer for sale, at auction\nor otherwise, to buy or offer to buy or to negotiate the purchase or\nsale or exchange of real estate, or to negotiate a loan on real estate\nother than a mortgage loan as defined in section five hundred ninety of\nthe banking law, or to lease or rent or offer to lease, rent or place\nfor rent any real estate, or collects or offers or attempts to collect\nrent for the use of real estate for or in behalf of such real estate\nbroker, or who, notwithstanding any other provision of law, performs any\nof the above stated functions with respect to the resale of a\ncondominium property originally sold pursuant to the provisions of the\ngeneral business law governing real estate syndication offerings.\n 4. "Tenant relocator" means any person, firm, corporation,\npartnership, limited liability company or any legal entity whatsoever,\nwhich, for another and for a fee, commission or other valuable\nconsideration, supervises, organizes, arranges, coordinates, handles or\nis otherwise in charge of or responsible for the relocation of\ncommercial or residential tenants from buildings or structures that are\nto be demolished, rehabilitated, remodeled or otherwise structurally\naltered.\n 5. "Association, associated; or associated with" whenever used in this\narticle shall be deemed to make reference to a salesperson's\nrelationship with their broker. Nothing in this article shall be deemed\nor construed to be indicative or determinative of the legal relationship\nof a salesperson to a broker nor shall any provision of this article be\ndeemed or construed to alter or otherwise affect the legal\nresponsibility of a real estate broker to third parties for the acts of\nanyone associated with such broker pursuant to this article.\n 6. "Office manager" means a licensed associate real estate broker who\nshall by choice elect to work as an office manager under the name and\nsupervision of another individual broker or another broker who is\nlicensed under a partnership, trade name, limited liability company or\ncorporation. An associate real estate broker shall be required to have\nbeen active as a licensed associate broker for at least two of the four\nyears preceding appointment as an office manager. Such individual shall\nretain their license as a real estate broker as provided for in this\narticle and shall be required to exercise the same duty of supervision\nover salespersons and associate brokers as a licensed real estate\nbroker; provided, however, that the practice of real estate sales and\nbrokerage by such individual as an associate broker shall be governed\nexclusively by the provisions of this article as they pertain to real\nestate salespersons. Nothing contained in this subdivision shall\npreclude an individual who is licensed as an associate broker who elects\nto work as an office manager from also retaining a separate real estate\nbroker's license under an individual, partnership, trade name, limited\nliability company or corporation.\n