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?
Correct Answer
A) Provide agency disclosure to the couple, explaining her representation of the seller
Questions about flood zones and insurance requirements constitute substantive contact. Lisa must provide agency disclosure to the couple explaining her representation of the seller before providing this information, as it could influence their purchasing decision.
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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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Previous Question
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?
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A listing agent receives an email from an unrepresented buyer asking about a property's days on market, the seller's asking price flexibility, and whether the seller would consider contingencies. Under NY Real Property Law §443, what is the agent's obligation before responding?