When the association of any real estate salesman shall have been terminated for any reason whatsoever, his broker shall forthwith notify the department of state thereof in such manner as the department shall prescribe. Where change of such salesman’s association is the basis for such termination, the salesman’s successor broker shall forthwith notify the department of such change in such manner as the department shall prescribe, such notice to be accompanied by a fee of one dollar. No real estate salesman shall perform any act within any of the prohibitions of this article from and after the termination for any cause of his association until he thereafter shall have become associated with a licensed real estate broker.
Terms Used In N.Y. Real Property Law 442-B
- 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 section five hundred ninety 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