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?
Correct Answer
D) Robert should recommend that Susan consult with a qualified attorney for legal advice
In New York, real estate licensees cannot provide legal advice even if they have legal knowledge or training. The traditional practice in New York real estate transactions involves attorney participation, and agents should recommend that clients consult with qualified attorneys for legal matters including contract review.
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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?
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A buyer's agent in New York learns that her client's debt-to-income ratio is 28%, while the co-op board for the property he wants to purchase typically rejects applicants with ratios above 25%. The client is otherwise pre-approved for financing. Which action best reflects the agent's fiduciary duty to her client?