Defines a real estate team as two or more persons associated with the same real estate brokerage who hold themselves out or operate as a team

This bill defines a "real estate team" in New York's real property law as two or more people (including at least one associate broker or salesperson) working together under the same brokerage. It directly affects real estate brokers and salespeople who operate as teams, clarifying their legal structure. The bill adds this definition to existing law but does not change business practices or create new regulations - it simply establishes a clear term for how such groups are recognized.