NY A10443

Updates New York Real Property Law to clarify definitions of real estate agents, residential real property, and introduces new terminology for "advance consent to dual agency" and "advance consent to dual agency with designated sales agents"

Allows sellers/landlords and buyers/tenants to provide advance written informed consent to dual agency arrangements on the state disclosure form, rather than requiring consent only at the time of conflict

Establishes that when dual agency involves designated sales agents, specific agents are appointed in writing to represent either the buyer or seller (or tenant or landlord), while functioning under the supervision of the dual agent broker

Modifies disclosure forms for both buyer-seller and landlord-tenant transactions to include new sections explaining dual agency options and advance consent mechanisms, and clarifies that agents must explain the limitations of dual representation including loss of undivided loyalty

Takes effect January 1, 2011