Over the past 25 years, the real estate brokerage industry has changed dramatically. The use of the computer, the presence of the internet, the shift to buyer brokerage as well as seller brokerage and the consolidation of small firms into large firms which dominate our marketplace, could hardly be envisioned.
These dramatic changes have resulted in more aggressive supervision of real estate licensees by real estate regulators as well as a dramatically enlarged and expanded Realtor® Code of Ethics to address the changing marketplace. At the same time there have been virtually no changes in the very burdensome laws requiring broker supervision of salespersons.
What is the Duty of the Broker to Supervise Salespersons?
Regulation Section 175.21 under Article 12-A of the Real Property Law (19 NYCRR §175.21) sets forth in detail the obligation of a broker to supervise a salesperson. This Regulation states:
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