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.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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.
More Agency Relationships Disclosures Questions
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- → When acting as a dual agent in New York, which type of information can an agent share with both parties?
- → 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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- → Michael is a buyer's agent in New York. His client makes an offer on a property listed by another agent in his same brokerage. The listing agent becomes unavailable, and Michael's broker asks him to also represent the seller to complete the transaction. What must happen for Michael to legally represent both parties?
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Under NY Real Property Law §443, what constitutes 'first substantive contact' requiring agency disclosure?
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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?