Agency
In New York, a buyer's agent who is asked by their client to make an all-cash offer and not disclose the client's identity to the seller may:
ANever comply with such requests under any circumstances
BComply by using a non-disclosure agreement or LLC entity for the purchase, provided disclosure laws are followed and no fraud or deception is involved✓ Correct
COnly conceal the buyer's identity with DOS approval
DRefuse, because all parties must be identified in every real estate transaction
Explanation
In New York, buyers sometimes use LLCs or other entities to maintain privacy, and using a non-disclosure agreement regarding the ultimate buyer's identity may be legitimate. A buyer's agent may accommodate such requests as long as no fraud is involved, fair housing laws are not violated, and required disclosures are made. Anti-money laundering regulations may require disclosure to the title company even if not to the seller.
Related New York Agency Questions
- In New York, a licensee acting as a buyer's agent for a customer purchasing a home listed by the same brokerage is most likely in a:
- A buyer's agent discovers that the seller's listed price is significantly below the property's market value. The buyer's agent should:
- A seller's agent discovers a material defect in the property the seller has not disclosed. The agent should:
- Which of the following statements about a buyer's agent in New York is TRUE?
- A New York licensee is working with a buyer but has no written agreement. The licensee's relationship with the buyer is best described as:
- In New York, if a seller's agent discovers that the buyer is planning to demolish the property immediately after closing, should the agent disclose this to the seller?
- Which of the following is NOT a fiduciary duty owed by an agent to their principal in New York?
- In New York, the agency disclosure form must be provided to a buyer or seller:
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