Agency
Under New York's RPL section 443, what must the agency disclosure form contain?
AOnly the definition of buyer's agency
BDescriptions of seller's agent, buyer's agent, and dual agent (and designated agent) relationships and their respective duties and obligations✓ Correct
CThe commission rates charged by each type of agent
DThe DOS's address and complaint procedures
Explanation
The NY agency disclosure form (prescribed by RPL section 443) must describe the nature and implications of seller's agency, buyer's agency, dual agency, and designated agency relationships, including the duties owed by each type of agent to their principals. It is an educational disclosure, not a contract.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
Math Concepts
State-Specific Concepts
Disclosure RequirementsDRE Regulation
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