Under New York law, what is dual agency?
Correct Answer
A) When the same broker or brokerage represents both the buyer and seller in the same transaction
Dual agency in New York occurs when the same broker or brokerage represents both the buyer and seller in the same real estate transaction, creating a situation where the agent owes fiduciary duties to both parties.
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What is the primary risk that New York dual agency disclosure is designed to address?
What document must be provided to both parties before a New York broker can act as a dual agent?
Agent Michelle meets first-time homebuyer Tony at her brokerage's office in Albany. Tony asks about the difference between condos and co-ops in the area. What must Michelle do before explaining these property types?
Which of the following most accurately describes the content required in the agency disclosure form under NY Real Property Law §443?
Under New York's agency disclosure law, which of the following constitutes 'first substantive contact' that would trigger the disclosure requirement?
- → Under NY Real Property Law §443, at what point must a real estate agent provide the agency disclosure form to a prospective buyer during an initial property visit?
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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?
- → In New York real estate law, what is dual agency?
- → In New York, what form of consent is required for dual agency?
- → When acting as a dual agent in New York, which type of information can an agent share with both parties?
- → Under New York law, what does 'informed consent' mean in the context of dual agency?
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- → In New York, when a real estate licensee provides the required agency disclosure form, what must the consumer do?