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?
Correct Answer
D) Disclosure required because Tom is engaging in substantive contact with Jennifer
Even though Jennifer is represented by Maria, Tom must still provide agency disclosure when he has substantive contact with Jennifer. NY Real Property Law §443 requires disclosure to all consumers involved in substantive contact, regardless of their representation status.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Agency Relationships Disclosures Question
Background Knowledge for Agency Relationships Disclosures
Real World Application in Agency Relationships Disclosures
Common Mistakes to Avoid on Agency Relationships Disclosures Questions
Related Topics & Key Terms
Key Terms:
More Agency Relationships Disclosures Questions
What is the primary risk that New York dual agency disclosure is designed to address?
Under New York law, what is dual agency?
What document must be provided to both parties before a New York broker can act as a dual agent?
Agent Michelle meets first-time homebuyer Tony at her brokerage's office in Albany. Tony asks about the difference between condos and co-ops in the area. What must Michelle do before explaining these property types?
Which of the following most accurately describes the content required in the agency disclosure form under NY Real Property Law §443?
- → Under New York's agency disclosure law, which of the following constitutes 'first substantive contact' that would trigger the disclosure requirement?
- → Under NY Real Property Law §443, at what point must a real estate agent provide the agency disclosure form to a prospective buyer during an initial property visit?
- → In a New York disclosed dual agency transaction, the seller asks the dual agent: 'What is the lowest price I should accept for this property?' How must the dual agent respond?
- → In New York, what happens if a broker acts as a dual agent without obtaining proper written consent from both parties?
- → In New York real estate law, what is dual agency?
- → In New York, what form of consent is required for dual agency?
- → When acting as a dual agent in New York, which type of information can an agent share with both parties?
- → Under New York law, what does 'informed consent' mean in the context of dual agency?
- → A New York real estate broker wants to represent both the buyer and seller in a transaction. What is required under New York law before the broker can act as a dual agent?
- → In New York, a dual agent may do all of the following EXCEPT:
People Also Study
Buyer Representation Agreement
8% of exam
Property Ownership
10% of exam
Land Use Controls and Regulations
8% of exam
Valuation and Market Analysis
10% of exam
Previous Question
Under NY Real Property Law §443, what constitutes 'first substantive contact' requiring agency disclosure?
Next Question
Agent Kevin works for XYZ Realty in Manhattan. He receives a call from potential buyer Amanda who found his contact information online. Amanda asks about neighborhoods suitable for families with young children. How should Kevin handle this inquiry under NY disclosure law?