N.Y. Real Property Law § 440: Definitions

§ 440. Definitions. 1. Whenever used in this article "real estate

broker" means any person, firm, limited liability company or

corporation, who, for another and for a fee, commission or other

valuable consideration, lists for sale, sells, at auction or otherwise,

exchanges, buys or rents, or offers or attempts to negotiate a sale, at

auction or otherwise, exchange, purchase or rental of an estate or

interest in real estate, or collects or offers or attempts to collect

rent for the use of real estate, or negotiates or offers or attempts to

negotiate, a loan secured or to be secured by a mortgage, other than a

residential mortgage loan, as defined in section five hundred ninety of

the banking law, or other incumbrance upon or transfer of real estate,

or is engaged in the business of a tenant relocator, or who,

notwithstanding any other provision of law, performs any of the above

stated functions with respect to the resale of condominium property

originally sold pursuant to the provisions of the general business law

governing real estate syndication offerings. In the sale of lots

pursuant to the provisions of article nine-A of this chapter, the term

"real estate broker" shall also include any person, partnership,

association or corporation employed by or on behalf of the owner or

owners of lots or other parcels of real estate, at a stated salary, or

upon a commission, or upon a salary and commission, or otherwise, to

sell such real estate, or any parts thereof, in lots or other parcels,

and who shall sell or exchange, or offer or attempt or agree to

negotiate the sale or exchange, of any such lot or parcel of real

estate. For purposes of this subdivision the term, "interest in real

estate" shall include the sale of a business wherein the value of the

real estate transferred as part of the business is not merely incidental

to the transaction, and shall not include the assignment of a lease, and

further, the transaction itself is not otherwise subject to regulation

under state or federal laws governing the sale of securities. In

connection with the sale of a business the term "real estate broker"

shall not include a person, firm or corporation registered pursuant to

the provisions of article twenty-three-A of the general business law or

federal securities laws.

2. "Associate real estate broker" means a licensed real estate broker

who shall by choice elect to work under the name and supervision of

another individual broker or another broker who is licensed under a

partnership, trade name, limited liability company or corporation. Such

individual shall retain their license as a real estate broker as

provided for in this article; provided, however, that the practice of

real estate sales and brokerage by such individual as an associate

broker shall be governed exclusively by the provisions of this article

as they pertain to real estate salespersons. Nothing contained herein

shall preclude an individual who elects to be licensed as an associate

broker from also retaining a separate real estate broker's license under

an individual, partnership, trade name, limited liability company or

corporation.

3. "Real estate salesperson" means a person associated with a licensed

real estate broker to list for sale, sell or offer for sale, at auction

or otherwise, to buy or offer to buy or to negotiate the purchase or

sale or exchange of real estate, or to negotiate a loan on real estate

other than a mortgage loan as defined in section five hundred ninety of

the banking law, or to lease or rent or offer to lease, rent or place

for rent any real estate, or collects or offers or attempts to collect

rent for the use of real estate for or in behalf of such real estate

broker, or who, notwithstanding any other provision of law, performs any

of the above stated functions with respect to the resale of a

condominium property originally sold pursuant to the provisions of the

general business law governing real estate syndication offerings.

4. "Tenant relocator" means any person, firm, corporation,

partnership, limited liability company or any legal entity whatsoever,

which, for another and for a fee, commission or other valuable

consideration, supervises, organizes, arranges, coordinates, handles or

is otherwise in charge of or responsible for the relocation of

commercial or residential tenants from buildings or structures that are

to be demolished, rehabilitated, remodeled or otherwise structurally

altered.

5. "Association, associated; or associated with" whenever used in this

article shall be deemed to make reference to a salesperson's

relationship with their broker. Nothing in this article shall be deemed

or construed to be indicative or determinative of the legal relationship

of a salesperson to a broker nor shall any provision of this article be

deemed or construed to alter or otherwise affect the legal

responsibility of a real estate broker to third parties for the acts of

anyone associated with such broker pursuant to this article.

6. "Office manager" means a licensed associate real estate broker who

shall by choice elect to work as an office manager under the name and

supervision of another individual broker or another broker who is

licensed under a partnership, trade name, limited liability company or

corporation. An associate real estate broker shall be required to have

been active as a licensed associate broker for at least two of the four

years preceding appointment as an office manager. Such individual shall

retain their license as a real estate broker as provided for in this

article and shall be required to exercise the same duty of supervision

over salespersons and associate brokers as a licensed real estate

broker; provided, however, that the practice of real estate sales and

brokerage by such individual as an associate broker shall be governed

exclusively by the provisions of this article as they pertain to real

estate salespersons. Nothing contained in this subdivision shall

preclude an individual who is licensed as an associate broker who elects

to work as an office manager from also retaining a separate real estate

broker's license under an individual, partnership, trade name, limited

liability company or corporation.