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.
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FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 478 RECEIVED NYSCEF: 05/14/2019
EXHIBIT 77
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 478 RECEIVED NYSCEF: 05/14/2019
PARK STERLING REALTY
FORMERLY BRONXVILLE REAL ESTATE
Search v About v Resources v Tools v Contact v Account
UNDERSTANDING NYS AGENCY LAW
Written By Leah Caro (/age_ntp_tlp?lD=5055) (President & Principal Broker). Created on 02/06
FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018
It's
important
NYSCEF DOC. toNO.
understand
478 what legal responsibilities your real estate salesperson has to you and
RECEIVED to other parties
NYSCEF: in the
05/14/2019
transactions. Ask your salesperson to explain what type of agency relationship you have with him or her and with the
brokerage company.
1. Seller'sagent (also known as a listingagent). A seller's agent ishired by and represents the seller.All fiduciary duties are
owed to the seller,including reasonable care, undivided loyalty, confidentiality, full disclosure, 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 listing broker.
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 seller are 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 stillhas 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 05/14/2019 05:40 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 478 RECEIVED NYSCEF: 05/14/2019
Want To Know More? Questions? Send a quick message:
* * *
First Name: Last Name: Email:
*
Your Question:
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Document Filed Date
May 14, 2019
Case Filing Date
July 14, 2018
Category
Commercial Division
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FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 478 RECEIVED NYSCEF: 05/14/2019 EXHIBIT 77 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 478 RECEIVED NYSCEF: 05/14/2019 PARK STERLING REALTY FORMERLY BRONXVILLE REAL ESTATE Search v About v Resources v Tools v Contact v Account UNDERSTANDING NYS AGENCY LAW Written By Leah Caro (/age_ntp_tlp?lD=5055) (President & Principal Broker). Created on 02/06 FILED: WESTCHESTER COUNTY CLERK 05/14/2019 05:40 PM INDEX NO. 60767/2018 It's important NYSCEF DOC. toNO. understand 478 what legal responsibilities your real estate salesperson has to you and RECEIVED to other parties NYSCEF: in the 05/14/2019 transactions. Ask your salesperson to explain what type of agency relationship you have with him or her and with the brokerage company. 1. Seller'sagent (also known as a listingagent). A seller's agent ishired by and represents the seller.All fiduciary duties are owed to the seller,including reasonable care, undivided loyalty, confidentiality, full disclosure, 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 listing broker. 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 seller are 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 stillhas 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 05/14/2019 05:40 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 478 RECEIVED NYSCEF: 05/14/2019 Want To Know More? Questions? Send a quick message: * * * First Name: Last Name: Email: * Your Question: I would like to know..· Powered by LONE WOLF TECHNOLOGlES