The Real Deal New York

Brokers with false titles must now toe the line, regulators say

Brokers with inflated business titles are now prohibited by state regulators from identifying themselves by titles that they haven’t actually received, the Wall Street Journal reported.

According to a letter sent Friday by New York’s Department of State to the Real Estate Board of New York, brokers using titles such as vice president or executive vice president may no longer use them unless they have actually been appointed to those positions. In many cases, brokers were arbitrarily using those titles, and the letter termed their actions “dishonest” and “misleading.”

“Agents [are] prohibited from falsely advertising that they hold such a position within the brokerage,” according to the letter written by Whitney Clark, an attorney with the department.

REBNY’s legal counsel Neil Garfinkel told the Journal that the letter was drafted in response to an earlier inquiry by the board. “It is an opinion that affects the industry in a widespread way,” he said. “I’d say there are many, many brokers this affects.”

“I think there are some agents who are going to be upset but, at the end of the day, the law is the law,” he added.

Some brokers have expressed their disappointment with the decision. “A title to a broker is very important,” one brokerage spokesman told the Journal. “Even though they’re not voting titles, it designates a sort of level of achievement. How would you present yourself in the industry without a title?” [WSJ]Hiten Samtani

  • Marcus1231

    Present yourself honestly, that’s how.

  • Raging Realtor

    Its like Goldman Sachs were even the mail clerk is a VP.

  • Guest

    “Even though they’re not voting titles, it designates a sort of level of
    achievement. How would you present yourself in the industry without a
    title?” [WSJ] –Hiten Samtani

    The answer is honestly…

    • john

      Honestly is not a title.

  • PALE NIMBUS !!! the “honest ” title to put on your card : DOUCHEBAG !

    • Willow

      You haters obvi know nothing. The titles are given by the company based on years with the co, and GCI. Those who have the titles earned it through working 24/7, holidays, weekends, nights, etc etc. No one just decides to give themself a title. Grow up. Typical jealous, ignorant statements

      • jon

        24/7?
        Sleep till 11 on Monday – Thursday… not work some days off weekends…
        C’mon over paid for nada you agents-brokers.

        • john

          Is that what you did when you were a part time lazy agent?
          If not, I can see you never worked in that industry where most people work 24/7. While you drive around on Sundays chilling and looking at “open houses”, they are working.

  • PlatinumHD
  • Willow

    You haters obvi know nothing. The titles are given by the company based on years with the co, and GCI. Those who have the titles earned it through working 24/7, holidays, weekends, nights, etc etc. No one just decides to give themself a title. Typical jealous, ignorant statements.

  • jon

    Titles mean nothing in real estate most of those top brokers either VP, EVP, SVP, Managing Director have assistants that do all their work and they pretty much are clueless and are not great brokers just connected. As a buyer numerous times, I have experienced this. Buyers realy don’t care what your title is so get over it and put your ego aside and display honesty and integrity.