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?
Correct Answer
A) Provide agency disclosure before discussing property types
Explaining property types (condos vs co-ops) to a potential buyer constitutes substantive contact under NY Real Property Law §443. Michelle must provide agency disclosure before engaging in this professional real estate discussion.
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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?
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:
- → In New York, when a real estate licensee provides the required agency disclosure form, what must the consumer do?
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Under NY Real Property Law §443, when must a real estate agent provide agency disclosure to a consumer?
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Sarah, a real estate salesperson in New York, receives a phone call from a potential buyer who wants to schedule a showing for a property listed by another brokerage. When must Sarah provide the agency disclosure form to this potential buyer under NY Real Property Law §443?