N.Y. Comp. Codes R. & Regs. tit. 19 § 175.24

Current through Register Vol. 46, No. 19, May 8, 2024

Section 175.24 - Exclusive listings-residential property

(a) Residential real property as used in this section shall mean real property used or occupied, or intended to be used or occupied, wholly or partly, as a home or residence of one or more persons improved by:

(i) a one to four family dwelling or

(ii) condominium or cooperative apartments but shall not refer to unimproved real property upon which such dwellings are to be constructed.

(b) In all commission agreements obtained by a broker which provide for an exclusive listing of residential property, the broker shall have attached to the listing or printed on the listing and signed or initialed by the homeowner or the homeowner's agent the following explanation in type size of not less than six point:

"EXPLANATION:

An "exclusive right to sell" listing means that if you, the owner of the property, find a buyer for your house, or if another broker finds a buyer, you must pay the agreed commission to the present broker. An "exclusive agency" listing means that if you, the owner of the property find a buyer, you will not have to pay a commission to the broker. However, if another broker finds a buyer, you will owe a commission to both the selling broker and your present broker."

(c) If an exclusive listing of residential property is obtained by a broker who is a member of a multiple listing service, the listing agreement shall provide that the homeowner shall have the option of having all negotiated offers to purchase the listed residential property submitted either through the listing broker or submitted through the selling broker.

N.Y. Comp. Codes R. & Regs. Tit. 19 § 175.24

Amended New York State Register May 20, 2015/Volume XXXVII, Issue 20, eff.5/20/2015