Broker Mike represents seller Jennifer under an exclusive listing agreement. Buyer David contacts Mike directly about the property without his own representation. Mike provides David with the required agency disclosure form and explains that he represents the seller. David decides to proceed without his own agent. What type of agency relationship exists between Mike and David?
Correct Answer
A) Customer relationship with no fiduciary duties owed to David
When a listing agent works with an unrepresented buyer after proper agency disclosure, the buyer becomes a customer, not a client. Mike owes fiduciary duties only to his seller client Jennifer, while owing David only honesty, fair dealing, and disclosure of material facts as required by New York law.
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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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Previous 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?
Next Question
Under New York Real Property Law §443, agency disclosure forms must be provided in all of the following situations EXCEPT: