Michelle is a buyer's agent representing client Kevin who is interested in a cooperative apartment in Manhattan. The co-op requires a minimum 20% down payment and has a strict subletting policy allowing only 2 years of subletting during the first 5 years of ownership. Kevin plans to relocate for work after 18 months and wants to sublet the apartment. What should Michelle advise Kevin?
Correct Answer
D) Kevin should review the co-op's proprietary lease and bylaws regarding subletting restrictions before proceeding
Michelle should advise Kevin to carefully review the co-op's proprietary lease and bylaws regarding subletting policies before making a purchase decision. Co-op subletting restrictions are generally enforceable, and Kevin needs to understand whether his planned 18-month relocation and subsequent subletting would comply with the building's specific rules.
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A buyer's agent in New York learns during negotiations that her client's absolute maximum purchase price is $25,000 above the client's initial offer. Without the client's authorization, sharing this information with the listing agent would violate which fiduciary duty?