Susan, a New York buyer's agent, learns that her client's offer has been accepted, but during the attorney review period, she discovers that the listing agent failed to provide proper agency disclosure to her client during their initial meeting at an open house. What should Susan do?
Correct Answer
B) Ensure the listing agent provides proper disclosure now and document the late disclosure
Susan should ensure that proper agency disclosure occurs now, even though it's late, and document when the disclosure was provided. This protects her client's interests while allowing the transaction to proceed with proper disclosure in place.
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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?
- → 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?
- → A seller's agent learns that a comparable property nearby recently sold for significantly below the seller client's asking price after a deal collapsed. The seller has not yet asked about recent comparable sales. What is the agent's obligation regarding this information?
- → Under New York's Property Condition Disclosure Act, a seller who chooses not to complete and deliver a Property Condition Disclosure Statement to the buyer must do which of the following?
- → A New York licensee is acting as a dual agent and receives simultaneous offers on the listed property from two different buyers, both of whom the agent also represents. Which obligation is most specifically implicated by the dual agency relationship in this situation?
- → A seller in Utica is selling residential real property to a buyer. The seller does not wish to complete the New York Property Condition Disclosure Statement (PCDS) and asks the listing agent how the seller's obligations changed after the March 20, 2024 amendments to NY Real Property Law §§ 462 and 465. Which of the following best describes current New York law?
- → 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?
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Previous Question
A New York real estate salesperson provides agency disclosure to a consumer via email. What additional requirement must be met to comply with RPL §443?
Next Question
A licensed salesperson is hosting an open house when two visitors begin asking about the seller's motivation for moving and whether the listing price has room for negotiation. Under NY Real Property Law §443, which statement best describes the salesperson's disclosure obligation at this point?