EstatePass
Agency LawMEDIUMFREE

New York requires disclosure of agency relationship:

2:47
0 views

Question & Answer

Review the question and all answer choices

A

Only at closing

Closing is too late for agency disclosure. By this point, the consumer may have already provided confidential information or made decisions based on misunderstanding their relationship with the agent, potentially leading to legal issues and invalidating the transaction.

B

At first substantive contact

Correct Answer
C

Only if the client asks

Agency disclosure cannot be optional or based solely on client request. NY law mandates disclosure regardless of whether the consumer asks about agency relationships, ensuring informed consent and protecting consumers who may not understand real estate agency concepts.

D

Within 10 days of showing property

Within 10 days of showing property is too late for initial disclosure. NY requires disclosure at first substantive contact, which typically occurs before any property viewings, allowing consumers to understand their agency relationship before making significant decisions.

Why is this correct?

NY law requires agency disclosure at first substantive contact about a specific property. This timing ensures transparency before any substantive discussions about a particular property, protecting consumers and establishing the agency relationship early in the transaction process.

Ready to Ace Your Real Estate Exam?

Access 2,000+ free video lessons covering all 11 exam topics.