§ 443. Disclosure regarding real estate agency relationship; form. 1.\nDefinitions. As used in this section, the following terms shall have the\nfollowing meanings:\n a. "Agent" means a person who is licensed as a real estate broker,\nassociate real estate broker or real estate salesperson under section\nfour hundred forty-a of this article and is acting in a fiduciary\ncapacity.\n b. "Buyer" means a transferee in a residential real property\ntransaction and includes a person who executes an offer to purchase\nresidential real property from a seller through an agent, or who has\nengaged the services of an agent with the object of entering into a\nresidential real property transaction as a transferee.\n c. "Buyer's agent" means an agent who contracts to locate residential\nreal property for a buyer or who finds a buyer for a property and\npresents an offer to purchase to the seller or seller's agent and\nnegotiates on behalf of the buyer.\n d. "Listing agent" means a person who has entered into a listing\nagreement to act as an agent of the seller or landlord for compensation.\n e. "Listing agreement" means a contract between an owner or owners of\nresidential real property and an agent, by which the agent has been\nauthorized to sell or lease the residential real property or to find or\nobtain a buyer or lessee therefor.\n f. "Residential real property" means real property used or occupied,\nor intended to be used or occupied, wholly or partly, as the home or\nresidence of one or more persons improved by (i) a one-to-four family\ndwelling or (ii) condominium or cooperative apartments but shall not\nrefer to unimproved real property upon which such dwellings are to be\nconstructed.\n g. "Seller" means the transferor in a residential real property\ntransaction, and includes an owner who lists residential real property\nfor sale with an agent, whether or not a transfer results, or who\nreceives an offer to purchase residential real property.\n h. "Seller's agent" means a listing agent who acts alone, or an agent\nwho acts in cooperation with a listing agent, acts as a seller's\nsubagent or acts as a broker's agent to find or obtain a buyer for\nresidential real property.\n i. "Dual agent" means an agent who is acting as a buyer's agent and a\nseller's agent or a tenant's agent and a landlord's agent in the same\ntransaction.\n j. "Designated sales agent" means a licensed real estate salesperson\nor associate broker, working under the supervision of a real estate\nbroker, who has been assigned to represent a client when a different\nclient is also represented by such real estate broker in the same\ntransaction.\n k. "Broker's agent" means an agent that cooperates or is engaged by a\nlisting agent, buyer's agent or tenant's agent (but does not work for\nthe same firm as the listing agent, buyer's agent or tenant's agent) to\nassist the listing agent, buyer's agent or tenant's agent in locating a\nproperty to sell, buy or lease respectively, for the listing agent's\nseller or landlord, the buyer agent's buyer or the tenant's agent\ntenant. The broker's agent does not have a direct relationship with the\nseller, buyer, landlord or tenant and the seller, buyer, landlord or\ntenant can not provide instructions or direction directly to the\nbroker's agent. Therefore, the seller, buyer, landlord or tenant do not\nhave vicarious liability for the acts of the broker's agent. The listing\nagent, buyer's agent or tenant's agent do provide direction and\ninstruction to the broker's agent and therefore the listing agent,\nbuyer's agent or tenant's agent will have liability for the broker's\nagent.\n l. "Tenant" means a lessee in a residential real property transaction\nand includes a person who executes an offer to lease residential real\nproperty from a landlord through an agent, or who has engaged the\nservices of an agent with the object of entering into a residential real\nproperty transaction as a lessee.\n m. "Landlord" mean
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.