Agency
In New York, the concept of 'informed consent' required for dual agency means:
AThe agent simply telling both parties they are a dual agent
BBoth parties fully understanding the implications of dual agency (including limitations on the agent's duties) and voluntarily agreeing to it in writing✓ Correct
CThe DOS approving the dual agency relationship
DThe broker's managing attorney certifying the arrangement
Explanation
Informed consent to dual agency in New York requires both parties to fully understand what dual agency means — including that the agent cannot fully advocate for either party and cannot disclose confidential information of one party to the other — and to voluntarily consent to the arrangement in writing. Mere disclosure is insufficient; true informed consent is required.
Related New York Agency Questions
- Under New York Real Property Law § 443, what happens if a buyer refuses to sign the agency disclosure form?
- What is 'apparent authority' in agency law?
- A real estate agent's duty to disclose to their client includes disclosing all of the following EXCEPT:
- If a seller's agent knows the seller is in financial distress and must sell quickly, the agent should:
- In New York, an agent who fails to present an offer to the seller because they personally believe it is too low is:
- In New York, a buyer's agent is created when:
- An agency relationship is automatically terminated when:
- An agent's fiduciary duty of 'obedience' means the agent must:
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