Agency
In New York, a broker's duty of 'disclosure' to a buyer-client requires the agent to:
ADisclose only defects that are visible to the naked eye
BDisclose all material facts known to the agent that could affect the buyer's decision to purchase or the price the buyer is willing to pay✓ Correct
CDisclose the seller's original purchase price
DDisclose the broker's own financial interest in the transaction only if asked
Explanation
The fiduciary duty of disclosure (also called the duty to inform) requires a New York buyer's agent to disclose all material facts known to the agent that could reasonably affect the buyer's decision to purchase or the price the buyer is willing to pay. This includes property defects, market conditions, and any facts about the property or transaction that a reasonable buyer would want to know.
Related New York Agency Questions
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- Under New York law, a dual agent owes which of the following duties to BOTH the buyer and seller?
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