NYSAR supported change to Real Property Law sec. 441-a has been signed into law by Gov. Andrew Cuomo. This legislation; removes the fee to file a termination when an associate broker or salesperson leaves one brokerage for another.
The law also doubles the fee from $10 to $20 when a licensee “associates” themselves with a real estate broker, and makes a necessary technical correction regarding the term of real estate licenses.
The law, sponsored by Assemblyman Ken Zebrowski (D-Rockland) and Senator Tom O’Mara (R-Corning), will go into effect on January 1, 2013.
To read the text of the new law, click here.