9 CRR-NY 276.3NY-CRR

OFFICIAL COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 9. EXECUTIVE DEPARTMENT
SUBTITLE G. OFFICE OF GENERAL SERVICES
CHAPTER II. DIVISION OF LAND UTILIZATION
PART 276. BROKER COMMISSIONS
9 CRR-NY 276.3
9 CRR-NY 276.3
276.3 Broker qualification.
(a) A broker commission shall be paid only to a real estate broker licensed as such at the time the sale was procured for the purchaser.
(b) A broker seeking to qualify for a broker commission under section 276.2(a) of this Part shall, prior to the day of auction, file with the commissioner a copy of such broker's real estate broker license along with a sworn affidavit stating, in substance, the following:
(1) the name, business address, affiliation and licensure status of said broker;
(2) the nature of the agreement between the broker and the bidder-purchaser for procurement of the sale;
(3) in what manner the broker brought knowledge of the auction to the bidder-purchaser;
(4) that no other commission is sought or will be paid to the broker on the particular sale;
(5) that no part of the broker commission, if paid by the commissioner, shall be paid to any other person, firm or legal entity of any kind or nature, including the bidder-purchaser;
(6) that the bid in the particular sale is made without collusion and with no attempt to restrict competition;
(7) that the broker is not the purchaser or a stockholder, director, officer or partner of the bidder-purchaser;
(8) that the bidder-purchaser is not the broker or stockholder, director, officer or partner of the broker; and
(9) that the broker and the bidder-purchaser have no common stockholder, director, officer or partner.
(c) A bidder-purchaser who employs a broker to procure a sale under this Part shall, prior to the day of auction, file with the commissioner a sworn affidavit stating, in substance, the following:
(1) name, address and intent to bid at the particular sale;
(2) the nature of the agreement between the broker and the bidder-purchaser for procurement of the sale;
(3) in what manner the broker brought knowledge of the auction to the bidder-purchaser;
(4) that the bid in the particular sale is made without collusion and with no attempt to restrict competition;
(5) that the bidder-purchaser is not the broker or a stockholder, director, officer or partner of the broker;
(6) that the broker is not the bidder-purchaser or a stockholder, director, officer or partner of the bidder-purchaser;
(7) that the bidder-purchaser and the broker have no common stockholder, director, officer or partner; and
(8) that it is understood that the consummation of the sale is in no way dependent or contingent upon the payment or nonpayment of the broker commission.
(d) The commissioner may modify the content of the sworn affidavits required under subdivisions (b) and (c) of this section and may require other and further affidavits, documentation and information as may be deemed necessary in making a determination as to payment or nonpayment of the broker commission.
9 CRR-NY 276.3
Current through July 31, 2020
End of Document