Agency & Ethics
The required notification to buyers and sellers explaining who the real estate agent represents in a transaction.
New York RPL Section 443 requires licensees to provide a written agency disclosure form to prospective buyers and sellers at first substantive contact, the moment meaningful information about a buyer's needs or a property's price and terms begins to be exchanged. The form explains whether the agent represents the buyer, the seller, both (dual agent), or neither. A signature acknowledges receipt but does not create an agency relationship. The disclosure must be made before any showing or negotiation.
Exam Tip
First substantive contact = the trigger. Not at the offer stage, not at closing: at the first meaningful conversation.
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Agency & Ethics
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