New York A05499 prohibits single-agent dual agency, requires representation agreements, allows broker's fee negotiations, and prohibits mandatory.

New York A05499 amends the real property law to prohibit single-agent dual agency in residential real property transactions. It mandates that real estate brokers, associate brokers, and salespersons must enter into written representation agreements with buyers and tenants before collecting compensation. The bill also allows for negotiations on broker's fees and prohibits mandatory fees. It defines roles and fiduciary duties for various agents, including buyer's, seller's, tenant's, and landlord's agents, and outlines the obligations of designated sales agents in dual agency situations.

New York A05499 prohibits single-agent dual agency, requires representation agreements, allows broker's fee negotiations, and prohibits mandatory.

New York A05499 amends the real property law to prohibit single-agent dual agency in residential real property transactions. It mandates that real estate brokers, associate brokers, and salespersons must enter into written representation agreements with buyers and tenants before collecting compensation. The bill also allows for negotiations on broker's fees and prohibits mandatory fees. It defines roles and fiduciary duties for various agents, including buyer's, seller's, tenant's, and landlord's agents, and outlines the obligations of designated sales agents in dual agency situations.