How current events impact business & real estate

Tuesday, June 19, 2012

Dual Agency Disclosure - A great resource

At our last class on Conflicts of Interest, there were many confusions about how to fill-out the NY Agency Disclosure form. Fortunately, the Buffalo Niagara Association of Realtors has a great publication with samples on its last page and the Long Island Education Board strenuously recommends that all agents review this publication before they continue in their practice. Click here to access the publication.

Also, LIEB draws your attention to a NYS Administrative Decision, 675 DOS 09, which states:

"The agency relationship disclosure form which the respondent provided to Mr. Alejandro and Mr. Sanchez was improperly completed. The respondent was acting as a dual agent and so indicated on the disclosure form. However, she also completed sections of the form on which she indicated she was acting as agent of the seller and as agent of the buyer. It does not appear, however, that this error in completing the form could have possibly misled either Mr. Alejandro or Mr. Sanchez into believing that the respondent was representing him alone. Thus, while her conduct was a violation of Real Property Law 443 and a demonstration of incompetency, it does not, by itself, warrant the imposition of a penalty greater than that to be imposed for  her other, much more serious, misconduct."

Clearly, to properly fill-out the Agency Disclosure form, a dual agent should only check Dual agent and not also indicate that they are acting as an agent of the seller or buyer.

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