This is not a contract. NY law requires real estate licensees to disclose who they represent and what duties arise from that relationship. Use this guide to understand your choices before you proceed.
Real estate licensees must advise landlords and tenants of the nature of their agency relationship and the rights and obligations it creates. You may receive more than one disclosure if multiple agents assist you. For legal, tax, or other advice, consult a qualified professional.
Engaged by and owes fiduciary duties to the landlord (reasonable care, undivided loyalty, confidentiality, full disclosure, obedience, and accounting). Must deal honestly, fairly, and in good faith with tenants and disclose known material facts about the property, as permitted by law.
Engaged by and owes fiduciary duties to the tenant (reasonable care, undivided loyalty, confidentiality, full disclosure, obedience, and accounting). Must deal honestly, fairly, and in good faith with landlords and disclose material facts about the tenant’s ability or willingness to perform, consistent with fiduciary duties.
Assists the listing (landlord’s) agent or the tenant’s agent but works for a different firm. Has no direct relationship with the landlord or tenant; instructions flow through the engaging agent. No vicarious liability for landlord or tenant; the engaging agent/firm remains responsible for the broker’s agent’s acts.
One broker represents both landlord and tenant with informed consent in writing from both parties. Because the broker owes duties to both sides, the full range of fiduciary duties (including undivided loyalty) cannot be provided. Consider the implications carefully before consenting.
With written informed consent, the broker may designate one sales agent to represent the landlord and another to represent the tenant. Each designated agent advocates for their assigned principal but, like dual agency, cannot provide undivided loyalty. You may give advance informed consent to this arrangement.
By signing the official NYS disclosure form, you confirm you received the disclosure. The form also allows you to give advance informed consent to dual agency or dual agency with designated sales agents. The form includes spaces for the licensee’s name, brokerage, and the agency relationship selected.
For assistance, contact the New York State Department of State, Division of Licensing Services (Customer Service: (518) 474-4429) or speak with your real estate professional.