Relates to access to fair and transparent real estate listings
Impact
The legislation's intent is to enhance the fairness of housing opportunities by lowering barriers to property visibility that could disproportionately affect certain buyers. By mandating public advertising on platforms accessible to everyone, it is expected that the bill will facilitate greater competition among buyers. This change could potentially lead to better prices for sellers by expanding the pool of offers on their properties and ensuring that homes do not become 'invisible' to large portions of the market.
Summary
Bill A10679, known as the 'Fair and Transparent Real Estate Listings Act,' is aimed at increasing transparency in the residential real estate market in New York State. It proposes amendments to the real property law that mandate timely public marketing of residential properties, ensuring that listings are made accessible to the general public and licensed real estate professionals. Particularly, the bill seeks to restrict 'private listing' practices that may limit the visibility and accessibility of properties, thereby impacting competition and housing opportunities.
Contention
Noteworthy points of contention surrounding Bill A10679 include concerns raised by some stakeholders about the feasibility of mandating public listings for all residential properties. Real estate professionals have expressed worries that the bill may infringe on the autonomy of sellers who wish to control how their properties are marketed. Additionally, there are apprehensions regarding the potential for increased administrative burdens on real estate agents and the implications for those wishing to utilize limited access marketing strategies in specific circumstances.
Final_notes
The bill also includes provisions to ensure that sellers who opt for non-public marketing do so with informed consent, requiring them to receive standardized disclosures of the risks associated with limited marketing exposure. By enforcing these standards, A10679 aims to create a more inclusive and equitable framework for the real estate market in New York.
Same As
Requires timely public advertising or marketing of listed residential properties on platforms accessible to the general public; permits non-public marketing only where the seller gives informed, written direction after receiving a standardized state disclosure that clearly explains the risks and tradeoffs of withholding a listing from public marketing.
An Act Concerning Continuing Real Estate Education Requirements, Public Marketing Of Certain Real Estate Listings And Revising The Title Of A Real Estate Salesperson To A Real Estate Agent.
Requires timely public advertising or marketing of listed residential properties on platforms accessible to the general public; permits non-public marketing only where the seller gives informed, written direction after receiving a standardized state disclosure that clearly explains the risks and tradeoffs of withholding a listing from public marketing.
Relates to the definition and term of real estate listing agreements; provides that no real estate broker shall be a party to a listing agreement if such agreement is for a period longer than two years; provides that a listing agreement shall not be enforceable if the agreement is for a period longer than two years.
Relates to the definition and term of real estate listing agreements; provides that no real estate broker shall be a party to a listing agreement if such agreement is for a period longer than two years; provides that a listing agreement shall not be enforceable if the agreement is for a period longer than two years.