On July 14, 2018 a
Exhibit,Appendix
was filed
involving a dispute between
Ellyn Berk,
Pamela Goldstein,
Paul Benjamin,
Tony Berk,
and
Houlihan Lawrence Inc.,
for Commercial Division
in the District Court of Westchester County.
Preview
FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 84 RECEIVED NYSCEF: 07/14/2018
FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 84 RECEIVED NYSCEF: Translate
Page
07/14/2018
>< STERLING REALTY
PARK
' I't''
FORMERLY
.K BRONXVILLE REAL ESTATE
.
Search About Resources Tools Contact Account
UNDERSTANDING NYS AGENCY LAW Share This:
Written By Leah Caro (/agent.php? ID=5055) (President 8 Principal Broker). Created on 02/06/2015.
i'll
FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018
It'simportant
NYSCEF DOC.toNO.understand
84 what legal responsibilities your real estate salesperson has to you and
RECEIVED to other parties
NYSCEF: in the
07/14/2018
transactions. Ask your salesperson to explain what type of agency relationship you have with him or her and with the
brokerage company.
1. Seller's agent (also known as a listingagent). A seller's agent ishired by and represents the seller. Allfiduciary duties are
owed to the seller,including reasonable care, undivided loyalty,confidentiality, fulldisclosure, obedience and a duty to
account. Cooperating agents from the same office as the seller'sagent, who are not representing the buyer as a buyer's agent,
are also seller's agents. The agency relationship usually iscreated by a listing contract.
2. Broker's agent. A broker's agent cooperates with or is engaged by the seller's agent to help find a purchaser for a property.
Broker's agency arises when a cooperating sales associate from another brokerage, who isnot representing the buyer as a
buyer's agent or operating in a non-agency relationship, shows property to a buyer. In such a case, the broker's agent works
with the buyer as a customer, and in dealing with the buyer, should exercise reasonable skilland care, disclose allfacts known
to the agent materially affecting the value or desirability of the property except as otherwise provided by law, and deal
honestly, fairly and in good faith. A broker's agent cannot assist the buyer in any way that would be detrimental to the seller. It
isimportant that broker's agents fully explain their duties to buyers.
3. Buyer's agent. A real estate licensee who ishired by prospective buyers to represent them in a real estate transaction. The
buyer's agent works in the buyer's best interest throughout the transaction and owes fiduciary duties to the buyer, the same
as the seller's agent owes to the seller. The buyer can pay the licensee directly through a negotiated fee, or the buyer's agent
may be paid by the seller or by a commission split with the listingbroker.
4. Disclosed dual agent. Dual agency isa relationship in which the brokerage firm represents both the buyer and the seller in
the same real estate transaction. Dual agency relationships do not carry with them allof the traditional fiduciary duties to the
clients. Instead, dual agents owe limited fiduciary duties to both parties. Because of the potential for conflicts of interest in a
dual-agency relationship, it'svitalthat allparties give their informed consent. In many states (including NY), this consent must
be inwriting. Disclosed dual agency, in which both the buyer and the sellerare told that the agent isrepresenting both of
them, islegal in most states.
5. Designated agent (also called, among other things, appointed agency). This isa brokerage practice that allows the managing
broker to designate which licensees in the brokerage will act as an agent of the seller and which willact as an agent of the
buyer. Designated agency avoids the problem of creating a dual-agency relationship for licensees within the same company.
The designated agents give their clients fullrepresentation, with allof the attendant fiduciary duties, with the exception of
undivided loyalty.The broker still
has the responsibility of supervising both groups of licensees, and remains as the dual
agent.
6. Non-agency relationship (called, among other things, a transaction broker or facilitator).Some states permit a real estate
licensee to have a type of non-agency relationship with a consumer (NY does not allow this).These relationships vary
considerably from state to state, both as to the duties owed to the consumer and the name used to describe them. Very
generally, the duties owed to the consumer in a non-agency relationship are less than the complete, traditional fiduciary
duties of an agency relationship.
Reprinted in part from NYSAR and REALTOR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS.
Copyright 2009. All rights reserved.
FILED: WESTCHESTER COUNTY CLERK 07/14/2018 08:37 PM INDEX NO. 60767/2018
NYSCEF Want
DOC. To
NO. Know
84 More? Questions? Send a quick message: RECEIVED NYSCEF: 07/14/2018
* First Name: * Last Name: * Email:
* Your Question:
I would liketo know... Send!
IVX
Poweedby
LONE WOLF
TECHNOLOGIES
https://www.parksterlingrealty.com/Understanding-Nys-Agency-Law/Sellers-buyers/Article-2831 3/3
Document Filed Date
July 14, 2018
Case Filing Date
July 14, 2018
Category
Commercial Division
For full print and download access, please subscribe at https://www.trellis.law/.