Section 350-F-1. After-the-fact referral fees


Latest version.
  • 1.  No  person,  firm,
      partnership, corporation, association, or other entity shall  demand  or
      receive  a  referral  fee or compensation of any kind for (i) a referral
      from any person or other entity relative to finding  a  seller  of  real
      property  after  a  bona  fide  real  estate  listing agreement has been
      signed, (ii) a referral from any person  or  other  entity  relative  to
      finding  a  buyer  for real property after a bona fide offer to purchase
      real property is accepted, or (iii) a referral from any person or  other
      entity  relative  to  finding  real  property  after a bona fide buyer's
      agency agreement has been signed, unless reasonable cause for payment of
      such compensation exists.
        2. Any violation of subdivision one of this section shall constitute a
      deceptive act or practice within the meaning of  section  three  hundred
      forty-nine of this article.