Maria, a New York listing agent, is contacted by an unrepresented buyer who wants to submit an offer on her listing. The buyer asks Maria to help prepare the offer and explain the contract terms. What should Maria do regarding agency disclosure and representation?
Correct Answer
C) Provide agency disclosure explaining she represents the seller, and suggest the buyer seek independent representation
Maria must provide agency disclosure explaining that she represents the seller's interests, not the buyer's. She should suggest the buyer obtain independent representation while being careful not to provide advice that could disadvantage her seller client.
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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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Under New York Real Property Law §443, which of the following correctly describes when a licensee must obtain a consumer's acknowledgment of the agency disclosure form?
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