N.Y. Real Property Law 442-I – State real estate board
§ 442-i. State real estate board. 1. There is hereby established within the department of state a state real estate board which shall consist of the secretary of state, superintendent of financial services, and thirteen additional members. At least five of these members shall be "real estate brokers", each of whom, at the time of appointment, shall be licensed and qualified as a real estate broker under the laws of New York state and shall have been engaged in the real estate business in this state for a period of not less than ten years prior to appointment. The remaining members shall be "public members" who shall not be real estate licensees.
Terms Used In N.Y. Real Property Law 442-I
- Minority leader: See Floor Leaders
- 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 § 590 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. See N.Y. Real Property Law 440
2. The thirteen members shall be appointed as follows: seven members shall be appointed by the governor, three of whom shall be real estate brokers and four of whom shall be public members; two members shall be appointed by the temporary president of the senate, one of whom shall be a real estate broker and one of whom shall be a public member; two members shall be appointed by the speaker of the assembly, one of whom shall be a real estate broker and one of whom shall be a public member; one member shall be appointed by the minority leader of the senate, who shall be either a real estate broker or a public member; and one member shall be appointed by the minority leader of the assembly, who shall be either a real estate broker or a public member.
3. Each appointed member shall serve for a term of two years; at any point during such term the appointed member may be removed by the person who appointed such member. In the event that any of said members shall die or resign during the term of office, the successor shall be appointed in the same way and with the same qualifications as set forth above. A member may be reappointed for successive terms but no member shall serve more than ten years in his or her lifetime.
4. A majority of members currently serving on the board shall be required in order to pass any resolution or to approve any matter before the board. The secretary of state shall be chairperson of the board. The vice-chairperson and a secretary shall be elected from among the members. A board member who fails to attend three consecutive meetings shall forfeit the seat unless the secretary of state, upon written request from the member, finds that the member should have been excused from a meeting because of illness or death of a family member.
5. Each member of the board shall receive no compensation other than reimbursement for actual and necessary expenses.
6. The board shall meet no fewer than three times per year and at the call of the secretary of state or a majority of the board. In addition to regularly scheduled meetings of the board, there shall be at least one public hearing each year in New York city, one public hearing each year in Buffalo, and one public hearing each year in Albany. At least fifteen days prior to the holding of any of these public hearings pursuant to this subdivision, the board shall give public notice of the hearing in a newspaper of general circulation in each area where the public meeting is to be held. The purpose of these hearings shall be to solicit from members of the public, suggestions, comments, and observations about real estate practice in New York state.