Standardized Operating Procedures

The December amendment to section 442-h was signed contingent upon an agreement the Governor reached with the legislature to revise the legislation (Governor’s Approval Memo #80).  The bill signed in December required, after a notice and hearing by the Department, that regulations be created addressing, at minimum: 

(i) whether prospective clients shall show identification;

Stareal (the real estate office and business) does not require prospective clients to show identification.

(ii) whether an exclusive broker agreement is required;

Stareal (the real estate office and business) does not require an exclusive broker agreement for prospective home buyers.

and

(iii) whether pre-approval for a mortgage loan is required.

Stareal (the real estate office and business) does not require pre-approval for a mortgage loan for prospective home buyers.