Department of State issues additional opinion on corporate titles
In
order to further clarify the opinion on "corporate titles" issued in April, the
Department of State has issued an additional opinion letter. The additional
opinion letter answers a number of questions posed by brokers about what types
of "titles" a broker may confer on a licensee associated with the broker that
are not corporate in nature. Essentially, the additional letter
reiterates what the April opinion stated.
Only a licensed broker (not an associate broker or salesperson) can possess a
corporate title. A corporate title contains any of the following terms:
President, Vice President, Secretary, Treasurer, Director and Manager (except
for associate brokers acting as an "office manager" pursuant to Real Property
Law section 440(6)). The use of other titles is permitted so long as they
are not misleading to the public.
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