Agent Rachel works for a brokerage in Long Island. She meets John at an open house where she is the listing agent. John asks about the property's heating costs and recent renovations. Rachel provides detailed information and John expresses serious interest. Two days later, John calls Rachel asking her to represent him as a buyer's agent for this and other properties. What disclosure obligations does Rachel have?
Correct Answer
C) Provide dual agency disclosure since she would represent both parties
If Rachel agrees to represent John as a buyer for the property she has listed, this creates dual agency. Under NY law, dual agency requires specific disclosure and written consent from both parties before proceeding.
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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:
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All of the following constitute 'substantive contact' requiring agency disclosure under NY Real Property Law §443 EXCEPT:
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During a phone conversation, buyer prospect Carol asks agent David about average days on market for properties in her price range in Queens. This is their first conversation. What must David do under NY Real Property Law §443?