A licensed broker has a signed listing agreement with a seller and a signed buyer agency agreement with buyers interested in that same property. Before proceeding with the transaction, what is the broker's disclosure obligation under New York law?
Correct Answer
D) Provide a dual agency disclosure and obtain written informed consent from both parties
Under NY Real Property Law §443, when a broker represents both the buyer and seller in the same transaction, dual agency exists. The broker must provide a written dual agency disclosure and obtain informed written consent from both the seller and the buyer before continuing to represent either party. Without this consent, the broker cannot lawfully proceed.
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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?
- → 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
Salesperson Janet works for ABC Realty and is showing properties to buyers Mark and Susan, who have signed a buyer agency agreement with ABC Realty. During the showing, they encounter the listing agent from XYZ Realty at one of the properties. The listing agent begins discussing the property details with Mark and Susan. What disclosure obligation does the listing agent have?
Next Question
A salesperson meets a prospective buyer for the first time at an open house and begins discussing the property's features and the buyer's needs. Under New York law, what obligation is triggered at this point?