What Consumers Need To Know When Working
With A Real Estate Broker
As real estate transactions have
become more complex and varied, the types of real estate
brokerage arrangements available to the public have
evolved to meet the changing needs of consumers entering
this market. This page is intended to provide buyers and
sellers with a description of the different types of
brokerage arrangements so that consumers can choose the
type brokerage services best suited to their needs.
Know Your Rights
At the initial contact between a licensee ( both
sales persons and brokers ) and the public, the licensee shall be
considered to be a transaction broker. As soon as reasonably possible
and before the exchange of confidential information, New York law
requires the licensee to provide you with a written disclosure form
that describes different types of brokerage arrangements. You are
encouraged to read and sign this disclosure form.
After disclosure you may then
choose the type of brokerage agreement best suited to
your needs. This brokerage agreement will contain a
statement of the specific brokerage services the broker
will provide. In the absence of a signed brokerage
agreement, the transaction brokerage relationship will
remain in effect. Make sure you talk to the real estate
licensee with whom you are working to determine the type
of services you need or will receive under alternative
brokerage arrangements. |