Agency
Under New York RPL section 443, the agency disclosure must be given at the first 'substantive contact.' This is defined as:
AThe first time the agent speaks with a potential client by telephone
BThe point at which discussions begin about a specific property, price, terms, or the buyer's or seller's needs, motivation, or financial condition✓ Correct
CWhen the first showing of a property is scheduled
DWhen the client signs the listing agreement
Explanation
In New York, 'first substantive contact' requiring agency disclosure is the point at which discussions begin regarding a specific property, its price, terms, the buyer's needs or financial capacity, or the seller's motivation — essentially when the conversation moves from general to specific regarding a potential real estate transaction. Casual, general conversations about the market do not trigger the requirement.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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