New York License Law
In New York, a real estate broker who wants to act as a principal (buying or selling for their own account) in a transaction:
AMust notify the DOS and obtain special approval
BMust disclose their licensed status as a real estate broker to the other party before entering into the contract✓ Correct
CMay not participate in such transactions while licensed
DMust use a different broker to represent them
Explanation
A New York real estate broker who acts as a principal (buying or selling property for their own account) must disclose their licensed status as a real estate broker to the other party before entering into any contract. This disclosure allows the other party to understand that they are dealing with a sophisticated, licensed professional.
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