2023 New York Laws › RPP - Real Property › Article 12-A - Real Estate Brokers and Real Estate Salespersons › 443 - Disclosure Regarding Real Estate Agency Relationship; Form.

§  443. Disclosure regarding real estate agency relationship; form. 1.
Definitions. As used in this section, the following terms shall have the
following meanings:
a. "Agent" means a person who is licensed as  a  real  estate  broker,
associate  real  estate  broker or real estate salesperson under section
four hundred forty-a of this  article  and  is  acting  in  a  fiduciary
capacity.
b.   "Buyer"  means  a  transferee  in  a  residential  real  property
transaction and includes a person who  executes  an  offer  to  purchase
residential  real  property  from  a seller through an agent, or who has
engaged the services of an agent with the  object  of  entering  into  a
residential real property transaction as a transferee.
c.  "Buyer's agent" means an agent who contracts to locate residential
real property for a buyer or who  finds  a  buyer  for  a  property  and
presents  an  offer  to  purchase  to  the  seller or seller's agent and
negotiates on behalf of the buyer.
d. "Listing agent" means a person  who  has  entered  into  a  listing
agreement to act as an agent of the seller or landlord for compensation.
e.  "Listing agreement" means a contract between an owner or owners of
residential real property and an agent, by  which  the  agent  has  been
authorized  to sell or lease the residential real property or to find or
obtain a buyer or lessee therefor.
f. "Residential real property" means real property used  or  occupied,
or  intended  to  be  used or occupied, wholly or partly, as the home or
residence of one or more persons improved by (i)  a  one-to-four  family
dwelling  or  (ii)  condominium  or cooperative apartments but shall not
refer to unimproved real property upon which such dwellings  are  to  be
constructed.
g.  "Seller"  means  the  transferor  in  a  residential real property
transaction, and includes an owner who lists residential  real  property
for  sale  with  an  agent,  whether  or  not a transfer results, or who
receives an offer to purchase residential real property.
h. "Seller's agent" means a listing agent who acts alone, or an  agent
who  acts  in  cooperation  with  a  listing  agent,  acts as a seller's
subagent or acts as a broker's agent to  find  or  obtain  a  buyer  for
residential real property.
i.  "Dual agent" means an agent who is acting as a buyer's agent and a
seller's agent or a tenant's agent and a landlord's agent  in  the  same
transaction.
j.  "Designated  sales agent" means a licensed real estate salesperson
or associate broker, working under the  supervision  of  a  real  estate
broker,  who  has  been  assigned to represent a client when a different
client is also represented by  such  real  estate  broker  in  the  same
transaction.
k.  "Broker's agent" means an agent that cooperates or is engaged by a
listing agent, buyer's agent or tenant's agent (but does  not  work  for
the  same firm as the listing agent, buyer's agent or tenant's agent) to
assist the listing agent, buyer's agent or tenant's agent in locating  a
property  to  sell,  buy  or lease respectively, for the listing agent's
seller or landlord, the  buyer  agent's  buyer  or  the  tenant's  agent
tenant.  The broker's agent does not have a direct relationship with the
seller, buyer, landlord or tenant and the  seller,  buyer,  landlord  or
tenant  can  not  provide  instructions  or  direction  directly  to the
broker's agent. Therefore, the seller, buyer, landlord or tenant do  not
have vicarious liability for the acts of the broker's agent. The listing
agent,  buyer's  agent  or  tenant's  agent  do  provide  direction  and
instruction to the broker's  agent  and  therefore  the  listing  agent,

buyer's  agent  or  tenant's  agent will have liability for the broker's
agent.
l.  "Tenant" means a lessee in a residential real property transaction
and includes a person who executes an offer to  lease  residential  real
property  from  a  landlord  through  an  agent,  or who has engaged the
services of an agent with the object of entering into a residential real
property transaction as a lessee.
m.  "Landlord"  means  the  lessor  in  a  residential  real  property
transaction,  and  includes an owner who lists residential real property
for lease with an agent, whether or not a lease results, or who receives
an offer to lease residential real property.
n. "Tenant's agent" means an agent who contracts to locate residential
real property for a tenant or who finds a  tenant  for  a  property  and
presents  an  offer  to  lease  to  the landlord or landlord's agent and
negotiates on behalf of the tenant.
o. "Landlord's agent" means a listing agent  who  acts  alone,  or  an
agent who acts in cooperation with a listing agent, acts as a landlord's
subagent  or  acts  as  a  broker's agent to find or obtain a tenant for
residential real property.
p. "Advance consent to dual agency"  means  written  informed  consent
signed  by  the  seller/landlord  or buyer/tenant that the listing agent
and/or buyer's agent may act as a dual agent  for  that  seller/landlord
and a buyer/tenant for residential real property which is the subject of
a listing agreement.
q. "Advance consent to dual agency with designated sales agents" means
written  informed  consent signed by the seller/landlord or buyer/tenant
that indicates  the  name  of  the  agent  appointed  to  represent  the
seller/landlord   or  buyer/tenant  as  a  designated  sales  agent  for
residential real property which is the subject of a listing agreement.
2. This section shall apply only to transactions involving residential
real property.
3. a. A listing agent shall provide the disclosure form set  forth  in
subdivision  four  of  this  section  to  a  seller or landlord prior to
entering into a listing agreement with the seller or landlord and  shall
obtain  a  signed  acknowledgment from the seller or landlord, except as
provided in paragraph e of this subdivision.
b. A seller's agent or landlord's agent shall provide  the  disclosure
form  set  forth in subdivision four of this section to a buyer, buyer's
agent, tenant or tenant's agent at the time  of  the  first  substantive
contact   with   the   buyer   or  tenant  and  shall  obtain  a  signed
acknowledgement  from  the  buyer  or  tenant,  except  as  provided  in
paragraph e of this subdivision.
c. A buyer's agent or tenant's agent shall provide the disclosure form
to the buyer or tenant prior to entering into an agreement to act as the
buyer's agent or tenant's agent and shall obtain a signed acknowledgment
from  the  buyer  or  tenant,  except as provided in paragraph e of this
subdivision. A buyer's agent or tenant's agent shall provide the form to
the seller, seller's agent, landlord or landlord's agent at the time  of
the  first  substantive  contact  with  the seller or landlord and shall
obtain a signed acknowledgment from the seller, landlord or the  listing
agent, except as provided in paragraph e of this subdivision.
d.  The agent shall provide to the buyer, seller, tenant or landlord a
copy of the signed acknowledgment and  shall  maintain  a  copy  of  the
signed acknowledgment for not less than three years.
e.  If  the  seller,  buyer,  landlord  or  tenant  refuses to sign an
acknowledgment of receipt pursuant to this subdivision, the agent  shall
set  forth  under oath or affirmation a written declaration of the facts

of the refusal and shall maintain a copy of the declaration for not less
than three years.
f.  A  seller/landlord  or  buyer/tenant  may provide advance informed
consent to dual agency and dual agency with designated sales  agents  by
indicating  the  same  on the form set forth in subdivision four of this
section.
4. a. For  buyer-seller  transactions,  the  following  shall  be  the
disclosure form:
NEW YORK STATE DISCLOSURE FORM
FOR
BUYER AND SELLER
THIS IS NOT A CONTRACT
New  York  state  law requires real estate licensees who are acting as
agents of buyers or sellers of property to advise the  potential  buyers
or   sellers  with  whom  they  work  of  the  nature  of  their  agency
relationship and the rights and obligations it creates. This  disclosure
will  help you to make informed choices about your relationship with the
real estate broker and its sales agents.
Throughout the transaction you may receive more  than  one  disclosure
form.  The  law  may  require each agent assisting in the transaction to
present you with this disclosure form. A real estate agent is  a  person
qualified to advise about real estate.
If you need legal, tax or other advice, consult with a professional in
that field.
DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIPS
SELLER'S AGENT
A  seller's  agent is an agent who is engaged by a seller to represent
the seller's interests. The seller's agent does this by securing a buyer
for the seller's home at a price and on terms acceptable to the  seller.
A seller's agent has, without limitation, the following fiduciary duties
to the seller: reasonable care, undivided loyalty, confidentiality, full
disclosure,  obedience  and  duty  to account. A seller's agent does not
represent the interests of the buyer.  The  obligations  of  a  seller's
agent  are  also  subject  to  any  specific  provisions set forth in an
agreement between the agent and the seller. In dealings with the  buyer,
a  seller's  agent  should  (a)  exercise  reasonable  skill and care in
performance of the agent's duties; (b) deal honestly, fairly and in good
faith; and  (c)  disclose  all  facts  known  to  the  agent  materially
affecting  the  value  or  desirability of property, except as otherwise
provided by law.
BUYER'S AGENT
A buyer's agent is an agent who is engaged by a buyer to represent the
buyer's interests. The  buyer's  agent  does  this  by  negotiating  the
purchase  of  a  home at a price and on terms acceptable to the buyer. A
buyer's agent has, without limitation, the following fiduciary duties to
the buyer: reasonable care,  undivided  loyalty,  confidentiality,  full
disclosure,  obedience  and  duty  to  account. A buyer's agent does not
represent the interests of the seller.  The  obligations  of  a  buyer's
agent  are  also  subject  to  any  specific  provisions set forth in an
agreement between the agent and the buyer. In dealings with the  seller,
a  buyer's  agent  should  (a)  exercise  reasonable  skill  and care in
performance of the agent's duties; (b) deal honestly, fairly and in good
faith; and  (c)  disclose  all  facts  known  to  the  agent  materially
affecting  the  buyer's ability and/or willingness to perform a contract
to acquire seller's property that are not inconsistent with the  agent's
fiduciary duties to the buyer.
BROKER'S AGENTS
A  broker's  agent  is  an  agent  that  cooperates or is engaged by a
listing agent or a buyer's agent (but does not work for the same firm as
the listing agent or buyer's agent)  to  assist  the  listing  agent  or
buyer's  agent  in locating a property to sell or buy, respectively, for
the  listing  agent's  seller  or  the buyer agent's buyer. The broker's
agent does not have a direct relationship with the buyer or  seller  and
the  buyer  or seller can not provide instructions or direction directly
to the broker's agent. The buyer and the seller therefore  do  not  have
vicarious  liability  for  the  acts  of the broker's agent. The listing
agent or buyer's agent do  provide  direction  and  instruction  to  the
broker's  agent  and  therefore  the listing agent or buyer's agent will
have liability for the acts of the broker's agent.
DUAL AGENT
A real estate broker may represent both the buyer and  the  seller  if
both  the  buyer  and  seller give their informed consent in writing. In
such a dual agency situation, the agent will not be able to provide  the
full  range of fiduciary duties to the buyer and seller. The obligations
of an agent are also subject to any specific provisions set forth in  an
agreement  between  the agent, and the buyer and seller. An agent acting
as a dual agent must explain carefully to both the buyer and seller that
the agent is acting for the other party as well. The agent  should  also
explain  the  possible effects of dual representation, including that by
consenting to the dual agency relationship  the  buyer  and  seller  are
giving  up  their  right  to undivided loyalty. A buyer or seller should
carefully  consider  the  possible  consequences  of   a   dual   agency
relationship  before  agreeing to such representation. A seller or buyer
may provide advance informed consent to dual agency  by  indicating  the
same on this form.
DUAL AGENT
WITH
DESIGNATED SALES AGENTS
If the buyer and the seller provide their informed consent in writing,
the principals and the real estate broker who represents both parties as
a  dual  agent  may  designate  a sales agent to represent the buyer and
another sales agent to represent the seller to  negotiate  the  purchase
and  sale  of  real estate. A sales agent works under the supervision of
the real estate broker. With the informed consent of the buyer  and  the
seller  in  writing,  the  designated  sales  agent  for  the buyer will
function  as  the  buyer's  agent  representing  the  interests  of  and
advocating on behalf of the buyer and the designated sales agent for the
seller will function as the seller's agent representing the interests of
and  advocating  on behalf of the seller in the negotiations between the
buyer and seller. A designated sales agent cannot provide the full range
of fiduciary duties to the buyer or seller. The designated  sales  agent
must  explain  that  like  the  dual  agent under whose supervision they
function, they cannot provide  undivided  loyalty.  A  buyer  or  seller
should  carefully  consider  the  possible consequences of a dual agency
relationship with  designated  sales  agents  before  agreeing  to  such
representation.  A  seller or buyer may provide advance informed consent
to dual agency with designated sales agents by indicating  the  same  on
this form.
This  form  was  provided to me by ____________________ (print name of
licensee) of ____________________________ (print name of  company,  firm
or  brokerage),  a licensed real estate broker acting in the interest of
the: ) Seller as a     ) Buyer as a

 (check relationship below)  (check relationship below) ) Seller's agent  ) Buyer's agent ) Broker's agent  ) Broker's agent ) Dual agent      ) Dual agent with designated sales agents
For advance informed consent to either dual agency or dual agency with
designated sales agents complete section below: ) Advance informed consent dual agency. )  Advance  informed  consent to dual agency with designated sales
agents.
If dual agent with designated sales agents is indicated above:
____________________ is appointed to represent the buyer; and
____________________ is appointed to  represent  the  seller  in  this
transaction.
(I)(We) acknowledge receipt of a copy of this disclosure form:
Signature of { } Buyer(s) and/or { } Seller(s):
____________________             ____________________
____________________             ____________________
Date:_______________             Date:_______________
b.  For  landlord-tenant  transactions,  the  following  shall  be the
disclosure form:
NEW YORK STATE DISCLOSURE FORM
FOR
LANDLORD AND TENANT
THIS IS NOT A CONTRACT
New York state law requires real estate licensees who  are  acting  as
agents of landlords and tenants of real property to advise the potential
landlords  and tenants with whom they work of the nature of their agency
relationship and the rights and obligations it creates. This  disclosure
will  help you to make informed choices about your relationship with the
real estate broker and its sales agents.
Throughout the transaction you may receive more  than  one  disclosure
form.  The  law  may  require each agent assisting in the transaction to
present you with this disclosure form. A real estate agent is  a  person
qualified to advise about real estate.
If  you  need legal, tax or other advice, consult with a professional in
that field.
DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIPS
LANDLORD'S AGENT
A landlord's agent is an  agent  who  is  engaged  by  a  landlord  to
represent  the  landlord's  interest.  The landlord's agent does this by
securing a tenant for the landlord's apartment or house at a rent and on
terms acceptable to  the  landlord.  A  landlord's  agent  has,  without
limitation,  the  following fiduciary duties to the landlord: reasonable
care, undivided loyalty, confidentiality, full disclosure, obedience and
duty to account. A landlord's agent does not represent the interests  of
the  tenant.  The  obligations of a landlord's agent are also subject to
any specific provisions set forth in an agreement between the agent  and
the landlord. In dealings with the tenant, a landlord's agent should (a)
exercise reasonable skill and care in performance of the agent's duties;
(b)  deal honestly, fairly and in good faith; and (c) disclose all facts
known to the agent materially affecting the  value  or  desirability  of
property, except as otherwise provided by law.
TENANT'S AGENT
A  tenant's  agent is an agent who is engaged by a tenant to represent
the tenant's interest. The tenant's agent does this by  negotiating  the
rental  or  lease  of  an  apartment  or  house  at  a rent and on terms
acceptable to the tenant. A tenant's agent has, without limitation,  the
following  fiduciary  duties  to  the tenant: reasonable care, undivided
loyalty,  confidentiality,  full  disclosure,  obedience  and  duty   to
account.  A  tenant's  agent  does  not  represent  the  interest of the
landlord. The obligations of a tenant's agent are also  subject  to  any
specific  provisions set forth in an agreement between the agent and the
tenant. In dealings with the  landlord,  a  tenant's  agent  should  (a)
exercise reasonable skill and care in performance of the agent's duties;
(b)  deal honestly, fairly and in good faith; and (c) disclose all facts
known to the  tenant's ability and/or willingness to perform a  contract
to  rent or lease landlord's property that are not inconsistent with the
agent's fiduciary duties to the buyer.
BROKER'S AGENTS
A broker's agent is an agent  that  cooperates  or  is  engaged  by  a
listing  agent  or a tenant's agent (but does not work for the same firm
as the listing agent or tenant's agent) to assist the listing  agent  or
tenant's  agent  in locating a property to rent or lease for the listing
agent's landlord or the tenant agent's tenant. The broker's  agent  does
not  have  a  direct  relationship  with  the tenant or landlord and the
tenant or landlord can not provide instructions or direction directly to
the broker's agent. The tenant and the landlord therefore  do  not  have
vicarious  liability  for  the  acts  of the broker's agent. The listing
agent or tenant's agent do provide  direction  and  instruction  to  the
broker's  agent  and  therefore the listing agent or tenant's agent will
have liability for the acts of the broker's agent.
DUAL AGENT
A real estate broker may represent both the tenant and the landlord if
both the tenant and landlord give their informed consent in writing.  In
such  a dual agency situation, the agent will not be able to provide the
full range of fiduciary duties to  the  landlord  and  the  tenant.  The
obligations  of an agent are also subject to any specific provisions set
forth in an agreement between the agent, and the tenant and landlord. An
agent acting as a dual agent must explain carefully to both the landlord
and tenant that the agent is acting for the other  party  as  well.  The
agent  should  also explain the possible effects of dual representation,
including that  by  consenting  to  the  dual  agency  relationship  the
landlord  and  tenant  are giving up their right to undivided loyalty. A
landlord and tenant should carefully consider the possible  consequences
of a dual agency relationship before agreeing to such representation.  A
landlord  or  tenant may provide advance informed consent to dual agency
by indicating the same on this form.
DUAL AGENT
WITH
DESIGNATED SALES AGENTS
If the tenant and the  landlord  provide  their  informed  consent  in
writing,  the  principals and the real estate broker who represents both
parties as a dual agent may designate a sales  agent  to  represent  the

tenant  and another sales agent to represent the landlord. A sales agent
works under the supervision of the real estate broker. With the informed
consent in writing of the tenant and the landlord, the designated  sales
agent  for  the  tenant will function as the tenant's agent representing
the interests of  and  advocating  on  behalf  of  the  tenant  and  the
designated  sales agent for the landlord will function as the landlord's
agent representing the interests of and  advocating  on  behalf  of  the
landlord  in  the  negotiations  between  the tenant and the landlord. A
designated sales agent cannot provide the full range of fiduciary duties
to the landlord or tenant. The designated sales agent must explain  that
like  the  dual agent under whose supervision they function, they cannot
provide  undivided  loyalty.  A  landlord  or  tenant  should  carefully
consider  the  possible  consequences of a dual agency relationship with
designated sales agents before  agreeing  to  such  representation.    A
landlord  or  tenant may provide advance informed consent to dual agency
with designated sales agents by indicating the same on this form.
This form was provided to me by _____________________ (print  name  of
licensee)   of  __________________  (print  name  of  company,  firm  or
brokerage), a licensed real estate broker acting in the interest of the:
) Landlord as a ) Tenant as a
(check relationship below) (check relationship below) ) Landlord's agent  (  ) Tenant's agent ) Broker's agent) Broker's agent ) Dual agent    ) Dual agent with designated sales agents
For advance informed consent to either dual agency or dual agency with
designated sales agents complete section below: ) Advance informed consent dual agency. ) Advance informed consent to dual agency  with  designated  sales
agents.
If dual agent with designated sales agents is indicated above:
_________________________ is appointed to represent the tenant; and
_________________________ is  appointed  to  represent the landlord in
this transaction.
(I)  (We)  _____________________________________________   acknowledge
receipt of a copy of this disclosure form:
Signature of { } Landlord(s) and/or { } Tenant(s):
 
______________________________________________________
 
_______________________________________________________
 
Date: _______________              Date: ________________
5.  This  section  shall not apply to a real estate licensee who works
with a buyer, seller, tenant or landlord in accordance with terms agreed
to by the licensee and buyer,  seller,  tenant  or  landlord  and  in  a
capacity  other than as an agent, as such term is defined in paragraph a
of subdivision one of this section.
6. Nothing in this section shall be construed to limit  or  alter  the
application of the common law of agency with respect to residential real
estate transactions.