Under NY Real Property Law §443, what constitutes 'first substantive contact' requiring agency disclosure?
Correct Answer
D) Communication involving real estate services, property information, or market conditions
NY Real Property Law §443 defines substantive contact as communication involving real estate services, property-specific information, market analysis, or other professional real estate matters that could influence a consumer's real estate decisions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
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- → Agent David represents seller Susan in New York City. Susan asks David about the current market conditions for co-op apartments in her neighborhood. This type of information falls under which of David's duties to Susan?
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Previous Question
A licensed salesperson is approached by an acquaintance who mentions they may want to sell their home and asks a few questions about the real estate process. Under NY Real Property Law §443, which factor determines whether the salesperson must provide an agency disclosure form?
Next Question
Broker Maria represents buyer Jennifer in Buffalo. During their property search, they encounter seller's agent Tom at a showing. Tom asks Jennifer about her financing pre-approval and timeline. Jennifer answers directly. What disclosure obligation does Tom have in this situation?