New York law requires real estate brokers to make standardized operating procedures publicly available. The procedures address, at minimum, identification, exclusive broker agreements, and mortgage pre-approval requirements.
Prospective Buyer Procedures — Draft
1. Identification
Draft policy for broker confirmation: A prospective buyer is not required to present identification solely to obtain general information or speak with a company licensee. Identification may be requested when required by a property owner, building, managing agent, security procedure, financial institution, governmental requirement, or other lawful third-party requirement.
2. Exclusive Broker Agreement
Draft policy for broker confirmation: An exclusive buyer representation agreement is not required as a prerequisite to an initial consultation or general real estate information. A written representation agreement may be discussed or requested before substantial representation services are undertaken, when permitted by law and disclosed in advance.
3. Mortgage Pre-Approval or Proof of Financial Qualifications
Draft policy for broker confirmation: Mortgage pre-approval is not required to receive an initial consultation or general real estate information. A seller, listing broker, property owner, sponsor, developer, building, or other party may require proof of funds, lender pre-approval, or other evidence of financial qualification before a showing, application, offer, or transaction step.
Consistent Application
Once approved by the broker, these procedures should be applied consistently and updated when the brokerage changes its practices. Any exception imposed by a seller, landlord, building, lender, government entity, or other third party should be communicated as a third-party requirement rather than a company-wide prerequisite.
Contact
Questions regarding these procedures may be directed to Tony & William Real Estate Brotherhood Group Inc., 33-32 Farrington St., Flushing, NY 11354, 929-686-1666.
