New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-21
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M AGoreenthau. Jr Co Wednesday juno a

Albany. The bill is still incomplete, 80
that it's provisions cannot be given entire,
but the following clauses are offered for
further consideration:
The law Is to apply TO any person
firm or corporation who for money, COM
mission or anything Of value sells or Of
fers for sale. buys or offers 70 buy or
negotiates the purchase or sale OF real
estate. or who rents or offers for rent
or collects rent from real estate or inn
provements thereon. One such act shall
bring the party within the meaning OF
the law. But 1t is not intended to in
cude in such act the owner OF the prop
erty involved, a receiver or trustee In
bankruptcy or a person acting under a
judgment or. order Of court. Every per-
son acting as a salesman or solicitor for
a real estate broker will be subject to the
law.
"A commission Of five members is TO
be appointed by the Governor, one COM
missioner to represent each Of five dis
tricts into which the state is divided with
view to keeping in close touch with
the brokers in his territory. Each COM
missioner must have been actively and
principally engaged in business as real
estate broker for not less than five years
next preceding his appointment. The
commission is to choose chairman from
among its members.
Each commissioner is to receive a
reasonable salary and necessary expenses,
additional compensation being given TO
the chairman. The commission is to ap-
point it's assistants and fix, their COM
pensation. 1t is intended TO have the
balance Of license fees above the ex-
penses of the commission appropriated to
a publicity fund for the benefit of real
estate in New York State.
1.-The fee will be SIS. Included in the
application must be necessary details con-
corning the applicant and his career for
two years preceding. The application
must he accompanied by affidavts Of two
reputable property owners Of the same
city, village or town as the applicant to
the effect that he is of good moral char
acter The application must state the
street address where the business is TO be
conducted, and the license must be
posted at that location and will not be
valid elsewhere
1.-THE license to a firm or corporation
shall authorize but one person to act as a
real estate broker, and supplemental Ii
censes must be obtained by the company
for other partners, officers or directors
and for statesmen. The fee for a supple
mental license will be s..
License expires on the 3lst day OF
December of the calendar year in which
issued. 1t may be cancelled by the com
mission upon determination that the IL
censee has made a material misstate-
ment in his application, or been guilty OF
fraudulent practices, or demonstrated his
incompetency or untrustworthiness 10 en-
gage in the real estate brokerage busi-
ness. Revocation precludes another IL
cense for one year
1.-The commission annually is to publish
in each county the names and business
addresses Of the licensed brokers therein.
NO licensed broker can pay, directly
or indirectly, any commission, brokerage
OF other valuable consideration on account
of any real estate transaction concern
ing property in the State of New York to
any person in that state not duly licensed
under the act.
"'Any violation Of the act is to be pun
shed as a misdemeanor, accompanied by
penalty of not less than the compen-
sation, commission or profit received, nor
more than four times that amount, as
may be determined by the court -