Amanda, a New York broker, has a salesperson representing the buyer and another salesperson in her office representing the seller in the same transaction. Both parties have been properly disclosed about the designated agency arrangement. What ongoing obligations does Amanda have?
Correct Answer
C) She must ensure each designated agent maintains confidentiality of their client's information
In a designated agency arrangement, the broker must ensure that each designated agent maintains confidentiality of their respective client's confidential information and does not share it with the other designated agent or use it to disadvantage their client.
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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?
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?
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- → In New York, what happens if a broker acts as a dual agent without obtaining proper written consent from both parties?
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- → When acting as a dual agent in New York, which type of information can an agent share with both parties?
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