A buyer's agent and a listing agent at the same New York brokerage are each representing opposite sides of an in-house transaction. The broker wants to avoid dual agency by designating each salesperson exclusively to their respective client. Which statement best describes how New York law treats this arrangement?
Correct Answer
B) Because the same brokerage represents both parties, New York law treats this as dual agency, requiring written informed consent from both parties under RPL §443
New York does not have a separate statutory framework for designated agency. Under RPL §443 and DOS guidance, when the same brokerage represents both the buyer and seller in a transaction — regardless of whether different salespersons are involved — the arrangement constitutes dual agency. Both parties must receive written disclosure of the dual agency relationship and provide informed written consent before the brokerage may proceed. The identity of the individual salespersons does not change the brokerage's legal status as agent for both parties.
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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
Which of the following most accurately describes the content required in the agency disclosure form under NY Real Property Law §443?
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A potential buyer calls Tom, a New York listing agent, and asks detailed questions about the property's condition, recent repairs, and the seller's motivation for selling. Tom answers all of the questions thoroughly. Under RPL §443, what is Tom's disclosure obligation at this point?