Agent Robert represents seller Patricia in Queens. Patricia asks Robert to help her understand the tax implications of selling her property for a capital gain. How should Robert respond under New York law?
Correct Answer
A) Advise Patricia to consult with a tax professional or accountant
Tax advice constitutes professional advice outside the scope of real estate licensure. New York licensees must refer clients to appropriate professionals (tax advisors, accountants, attorneys) for specialized advice beyond real estate practice.
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Previous Question
Under New York law, a seller's agent owes fiduciary duties exclusively to the seller client. Which of the following is NOT a fiduciary duty owed to the seller, but rather a statutory obligation owed to all parties in the transaction?
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A seller's agent learns that a comparable property nearby recently sold for significantly below the seller client's asking price after a deal collapsed. The seller has not yet asked about recent comparable sales. What is the agent's obligation regarding this information?