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5. Business Brokers

Declaratory Ruling 91-9 Matter of West York Commission Merchants, Inc. - license not required for business broker, so long as real property is only incidental to sale of ongoing business and is not dominant feature of sale

Declaratory Ruling 91-37 Matter of Cusack - license not required for business broker, so long as transfer of real property is only incidental

6 DOS 92 Matter of Collins - business broker involved in sale of going businesses and assignment of rights under leases - not "equivalent experience"

12 DOS 92 Matter of Palastro - financial consultant re: GBL Art. 23A limited partnerships - not "equivalent experience"

734 DOS 01 DOS v. Turyan - disclosure of agency relationships; business broker; a transaction that consists of negotiations and subsequent purchase of a business does not involve a regulated real estate activity; agency law forbids a fiduciary from acting concurrently as an agent for the seller and as the principal-buyer of the subject matter of the agency; agent must terminate the agency relationship before assuming the role of buyer of the subject matter of the agency; seller’s agent breaches fiduciary duty of confidentiality by disclosing to the buyer the price that the seller would accept below the asking price; broker misrepresents material existing facts which constitutes fraud; concealment of information which broker has a duty to communicate is misrepresentation when done with intent to defraud; where broker committed a fraudulent act, the broker necessarily engaged in a fraudulent practice; DOS fails to prove that broker engaged in forgery; Real Property Law §443 does not apply to a lease of commercial property or to a transaction that does not involve a regulated, real estate activity; brokers license revoked

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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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