Agency
In New York, the form that must be presented to a consumer at the first substantive contact is called the:
AAgency Disclosure Statement
BConsumer Notice
CNew York Agency Relationship Disclosure Form✓ Correct
DListing Agreement
Explanation
New York law requires licensees to present the 'New York Agency Relationship Disclosure Form' (also known as the agency disclosure form) to prospective buyers, sellers, tenants, and landlords at the first substantive contact to explain agency relationships.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
State-Specific Concepts
Disclosure Requirements
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