Susan is representing buyer James in New York. James asks Susan to explain the difference between the Property Condition Disclosure Statement and a professional home inspection. What should Susan tell James?
Correct Answer
D) The disclosure statement is the seller's knowledge; an inspection provides professional assessment
Under New York's Property Condition Disclosure Act, the seller's disclosure reflects only what the seller knows or should know about the property's condition. A professional inspection provides an independent, expert evaluation that may discover issues unknown to the seller. Both serve different protective functions for the buyer.
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- → Under New York's agency disclosure law, which of the following constitutes 'first substantive contact' that would trigger the disclosure requirement?
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- → In New York, what happens if a broker acts as a dual agent without obtaining proper written consent from both parties?
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Previous Question
Robert is a buyer's agent in New York representing Amy, who is purchasing a condominium. During the transaction, Robert learns that the building's monthly maintenance fees will increase by 40% next month due to a special assessment. The seller and listing agent are unaware of this information. What should Robert do?
Next Question
Karen is a buyer's agent representing Michael in purchasing a co-op in Manhattan. The co-op board requests extensive financial documentation and personal references. Michael asks Karen if the board can legally reject his application based on his source of income being government assistance. Under New York law, how should Karen respond?