Sarah, a licensed New York salesperson, represents a seller in Manhattan. During a showing, a potential buyer asks Sarah about the legal implications of the contract terms. Under New York law, what should Sarah do?
Correct Answer
D) Refer the buyer to consult with an attorney for legal advice
Under New York law, real estate licensees cannot provide legal advice regardless of their qualifications. The traditional practice in New York involves attorneys in real estate transactions, and licensees must refer clients to consult with attorneys for legal matters.
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Previous Question
Helen is representing buyer Marcus in New York. Marcus is interested in a co-op apartment where the current owner-occupant is elderly and has mentioned wanting to continue living there as a tenant after the sale. Marcus likes this arrangement, but Helen is concerned about potential legal issues. What should Helen advise Marcus under New York law?
Next Question
A listing agent's seller client has privately told the agent she will accept any offer above $450,000, though the property is listed at $520,000. A buyer submits an offer of $480,000. How should the listing agent handle the seller's stated minimum price when presenting this offer?