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17. Partnerships

Opinion Letter 93-19 (Thomas G. Mazzotta) - 5 member partnership of 1 attorney, 1 broker and 3 non-licensees; unlicensed persons can be members of partnership which is licensed as a real estate broker, just as unlicensed persons may be shareholders of a corporate real estate broker. However, salespersons may not be partners, just as they may not be shareholders in a corporation which is licensed as a real estate broker. Any partner who acts as a real estate broker under the name of the partnership (including the attorney) must be duly licensed as a broker 
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First quarter Legal Lines now available

The first quarter 2018 edition of NYSAR’s Legal Lines is now available online at NYSAR.com. This edition covers commission issues, a New York State Supreme Court ruling on unsigned letters not creating a contract, support animals and more. Learn more

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