In New York, a dual agent may do all of the following EXCEPT:
Correct Answer
A) Recommend specific contract terms that would favor one party over the other
Dual agents cannot recommend specific contract terms that would favor one party over the other, as this would violate their duty to treat both parties fairly and impartially. They must remain neutral in negotiations.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
More Agency Relationships Disclosures Questions
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?
Under New York's Property Condition Disclosure Act, how is the $500 credit amount determined when a seller elects not to provide the Property Condition Disclosure Statement?
Acting as a dual agent in New York, an agent has presented a below-asking-price offer that the seller rejected. The seller then asks the agent what the buyer's maximum budget is. How should the dual agent respond?
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?
- → When acting as a dual agent in New York, which type of information can an agent share with both parties?
- → Agent David represents seller Susan in New York City. Susan asks David about the current market conditions for co-op apartments in her neighborhood. This type of information falls under which of David's duties to Susan?
- → A buyer's agent in New York never disclosed that a listed property was the site of a homicide. The buyer later discovers this and threatens legal action against the agent for failing to disclose it. What is the agent's strongest legal defense?
- → 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?
- → 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?
- → In New York, before a real estate agent can act as a dual agent representing both buyer and seller, what must occur?
- → Under New York's Property Condition Disclosure Act, a seller who chooses not to complete and deliver a Property Condition Disclosure Statement to the buyer must do which of the following?
- → A New York licensee is acting as a dual agent and receives simultaneous offers on the listed property from two different buyers, both of whom the agent also represents. Which obligation is most specifically implicated by the dual agency relationship in this situation?
- → Michael is a buyer's agent in New York. His client makes an offer on a property listed by another agent in his same brokerage. The listing agent becomes unavailable, and Michael's broker asks him to also represent the seller to complete the transaction. What must happen for Michael to legally represent both parties?
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