New York State law requires real estate licensees who are acting as agents of buyers or sellers of property to advise the potential buyers or sellers with whom they work of the nature of their agency relationship 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 disclosure 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.
Seller's Agent
A seller's agent is an agent who is engaged by a seller to represent the seller's interests. A seller's agent has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A seller's agent does not represent the interests of the buyer.
Buyer's Agent
A buyer's agent is an agent who is engaged by a buyer to represent the buyer's interest. A buyer's agent has the same fiduciary duties to the buyer as a seller's agent has to the seller. A buyer's agent does not represent the interest of the seller.
Broker's Agents
A broker's agent is an agent that cooperates or is engaged by a listing agent or a buyer's agent (but does not work for the same firm) to assist in locating a property. The broker's agent does not have a direct relationship with the buyer or seller.
Dual Agent
A real estate broker may represent both the buyer and the seller if both give their informed consent in writing. In a dual agency situation the agent will not be able to provide the full range of fiduciary duties to either party. By consenting, the buyer and seller give up their right to undivided loyalty.
Dual Agent with Designated Sales Agents
With the informed consent of the buyer and seller in writing, the broker may designate one sales agent to represent the buyer and another to represent the seller. A designated sales agent cannot provide the full range of fiduciary duties.
Full official PDF: DOS-1736-f (NYS Department of State)