Under New York Real Property Law §443, when must a licensed real estate salesperson provide a prospective buyer with a written disclosure of the agency relationship?
Correct Answer
C) At the first substantive contact with the prospective buyer
NY Real Property Law §443 requires licensees to provide written agency disclosure at the first substantive contact with a prospective buyer or seller — before any confidential information is exchanged or meaningful discussion of a transaction begins. This ensures the buyer understands the nature of the agency relationship from the outset.
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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
Agent Paul meets potential buyers at a weekend open house. They ask general questions about the neighborhood and school districts. Later that day, they call Paul and ask him to prepare a comparative market analysis for a different property they're considering purchasing. When must Paul provide the agency disclosure form?
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Robert is a buyer's agent in New York representing client Susan who is purchasing a condominium. Susan asks Robert whether she should hire an attorney to review the purchase contract. What should Robert advise under New York practice?