NYSAR supported "Team Name Registration" legislation was introduced in the Senate by Sen. Andrew Lanza. S.5508-A amends Article 12-A of the real property law to (1) define "team" under the Real Property Law and (2) require brokers to register any team names that are operating under their broker license/brokerage with the Department of State. The purpose of the legislation is to unite regulation and law by formally defining "teams" in New York and to provide accountability and transparency to consumers regarding who the responsible, supervising broker of record is for each team.

To read NYSAR’s Memorandum in Support, click here.To read the full text of the legislation, click here.