§ 62-17 Business Procedures – Exclusive Agreements.
RCNY § 62-17
(a)Specific Disclosure. The Broker must include the following explanation in type size of not less than six point in all agreements that provide for an Exclusive Listing of a Taxicab Medallion: An "Exclusive Right to Sell" listing with a Broker is one where the owner has surrendered his or her own right to sell. This means that if you, the Taxicab Medallion owner, find a buyer for your Taxicab, or if another Broker finds a buyer, you must nonetheless pay the agreed commission to the Broker who has the Exclusive Right to Sell. This explanation must be signed or initialed by the owner and attached to the listing, printed in boldface type on the listing, or printed on the reverse side of the listing. 35 RCNY § 62-17(a)Fine: $100 - $500Appearance REQUIRED (b) No Automatic Continuation. A Broker must not be a party to an Exclusive Listing contract that contains an automatic continuation of the period for the listing beyond the end date specified in the contract. 35 RCNY § 62-17(b)Fine: $100 - $750Appearance NOT REQUIRED
