Agency
In New York, 'informed consent' to a dual agency arrangement must be obtained:
AOnly from the seller
BOnly from the buyer
CFrom both the buyer and the seller, before the agency relationship becomes dual✓ Correct
DAfter the transaction closes
Explanation
New York law requires that both the buyer and the seller give informed written consent to a dual agency arrangement before it arises. It is not sufficient to obtain consent from only one party.
Related New York Agency Questions
- Which fiduciary duty requires a seller's agent to keep the seller's motivation for selling confidential?
- Which type of agency is created without a formal written agreement but arises from the conduct of the parties?
- In New York, a 'subagent' working through a cooperating broker owes fiduciary duties to:
- In New York, a 'transaction broker' (non-agent facilitator) differs from a buyer's or seller's agent in that they:
- Under New York law, if a buyer's agent inadvertently learns that the seller is in financial distress and must sell quickly, the agent:
- Under New York RPL section 443, the agency disclosure must be acknowledged by the buyer or seller. What does this acknowledgment signify?
- Under New York agency law, 'subagency' means:
- In New York, a 'transaction broker' (non-agent facilitator) relationship:
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