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?
Correct Answer
B) Provide agency disclosure before sharing market statistics
Providing market statistics about days on market constitutes substantive contact under NY Real Property Law §443. David must provide agency disclosure before sharing this professional real estate information, even over the phone.
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
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?
Next Question
Broker Lisa is holding an open house in Brooklyn for her seller client. Married couple Mike and Janet attend and ask about the property's flood zone designation and insurance requirements. What is Lisa's disclosure obligation before answering their questions?