David, a New York broker, has one salesperson representing a buyer and discovers that another salesperson in his office has been working with the seller of the same property without a signed listing agreement. The seller now wants to formalize the listing. What disclosure and agency issues must David address?
Correct Answer
D) Must disclose the existing buyer representation to the seller and obtain informed consent for designated agency
David must disclose to the seller that his brokerage already represents the buyer in this transaction and obtain informed written consent for designated agency. The seller must understand the potential conflicts before agreeing to representation by the same brokerage.
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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?
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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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