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?
Correct Answer
B) Provide the written agency disclosure form before answering any further questions, since substantive contact has already occurred
Under RPL §443, the agency disclosure obligation is triggered at the first substantive contact with a prospective buyer or seller. Substantive contact includes discussing a specific property's condition, pricing, or the seller's circumstances — all of which occurred during this call. Because that threshold has already been crossed, Tom must provide the written disclosure form before engaging in any further substantive discussion. Continuing to answer detailed questions without disclosure violates RPL §443.
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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?
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What is the primary purpose of NY Real Property Law §443's agency disclosure requirement?