N.Y. RPP. LAW § 443 : NY Code - Section 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  or
  real  estate  sales associate 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 improved by a
  one-to-four family dwelling used or occupied, or intended to be used  or
  occupied,  wholly  or  partly,  as  the home or residence of one or more
  persons, but shall not refer to (i) unimproved real property upon  which
  such  dwellings are to be constructed or (ii) condominium or cooperative
  apartments in a building containing more than four units.
    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  salesman  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.
    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.
    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 associates.
    Throughout  the  transaction  you may receive more than one disclosure
  form. The law requires  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.
                                 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.
 
    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 (check relationship below)
     (  ) Buyer as a (check relationship below)
     (   ) Seller's agent   (   ) Buyer's agent
     (   ) Broker's agent   (   ) Broker's agent
     (   ) Dual agent       (   ) Dual agent with designated sales agents
 
    If dual agent with designated sales agents is checked:
    ____________________ 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 associates.
    Throughout the transaction you may receive more  than  one  disclosure
  form.  The  law  requires  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.
 
                                 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.
 
    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 (check relationship below)
     (  ) Tenant as a (check relationship below)
     (   ) Landlord's agent (   ) Tenant's agent
     (   ) Broker's agent   (   ) Broker's agent
     (   ) Dual agent       (   ) Dual agent with designated sales agents
 
    If dual agent with designated sales agents is checked:
    _________________________ 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.