WeVote
Log In

Bill

Bill

S 3731

Defines a real estate team as two or more persons associated with the same real estate brokerage who hold themselves out or operate as a team

2025 Regular Session Introduced by Andrew Lanza

Defines real estate team as two or more licensees in the same brokerage who operate or market as a team, clarifying advertising, duties, and regulatory compliance.

REFERRED TO LOCAL GOVERNMENT
0
WeVote Research Nonpartisan
Bill Summary · S 3731

Summary of Bill S 3731

Overview

  • Bill Number: S 3731
  • Title/Focus: Defines a real estate team as two or more persons associated with the same real estate brokerage who hold themselves out or operate as a team.
  • Status: Referred to Local Government (as of introduction).
  • Introduced: January 29, 2025
  • Classification: bill

Purpose

The bill appears to establish a formal definition of “real estate team” within the state’s regulatory framework. By clarifying what constitutes a team, the measure aims to provide a clear standard for regulatory compliance, advertising, and professional duties within real estate practice.

Key Provisions

  • Definitional Scope: A real estate team is defined as two or more individuals who are associated with the same real estate brokerage and who either hold themselves out to the public as a team or operate as a team within the brokerage.
  • The text provided does not indicate additional substantive provisions beyond this definitional clarification.

Who Is Affected

  • Real Estate Brokerages: Firms with multiple licensees operating as a team under the same brokerage would be directly affected by the definitional change.
  • Individual Licensees on Teams: Agents and brokers who are part of a team would need to ensure their activities align with the defined concept of a “team” (e.g., marketing, branding, and advertising under a team name).
  • Regulatory and Compliance Framework: Advertising standards, fiduciary responsibilities, and other regulatory rules that reference or apply to “teams” may be impacted by a formal definition.

Potential Impact

  • Advertising and Branding: Brokerages may need to ensure team names, logos, and marketing materials clearly reflect the defined “team” status.
  • Duties and Fiduciary Obligations: A formal team definition could influence how team members share duties to clients and how conflicts of interest are managed under existing licensing and broker authority.
  • Enforcement and Compliance: Regulators would have a concrete standard to reference when evaluating whether a group of licensees constitutes a real estate team.
  • Business Operations: Teams may adjust internal structures, compensation arrangements, and client communications to comply with the defined concept.

Timeline and Procedural Notes

  • Legislative Action: 2025-01-29 — Referred to Local Government.
  • Next Steps: If advanced, the bill would proceed through the Local Government committee, potentially receive amendments, and then move to the floor for consideration. A fiscal note or impact assessment may be developed if applicable.

Related Legislation

  • Related bills from prior sessions include S 3318, S 5508, S 3537, S 395, S 4503, and S 3076. These may reflect ongoing interest in the regulation and definition of real estate teams and related practice standards.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.