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 rela-tionship
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 agents.
Throughout the transaction you may receive more than one disclosure form. The law may require each agent assisting
in the transaction to present you with this dis-closure 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 agent materially affecting the tenant's ability and/or willingness to perform
a contract to rent or lease landlord's property that are not consistent with the agent's fiduciary duties to the tenant.