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?
Correct Answer
D) Present the buyer's offer without revealing the seller's minimum acceptable price
As the seller's agent, the listing agent owes the seller a fiduciary duty of confidentiality under New York agency law. Information about the seller's minimum acceptable price is a material negotiating detail that, if disclosed, would directly harm the seller's bargaining position. The agent must present all offers faithfully while keeping the seller's pricing strategy strictly confidential.
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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?
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Lisa, a seller's agent in New York, discovers that her client failed to disclose a known foundation crack in the basement on the Property Condition Disclosure Statement. The seller had mentioned this issue to Lisa during the listing appointment but chose not to disclose it. What is Lisa's primary obligation under New York law?