Menu

20. Failure to Qualify Purchaser

82 DOS 93 Matter of Zulawski - failure of proof that salespersons breached fiduciary duties: (i) assertion that buyer was said to be "pre-approved" for mortgage; (ii) misinformation about buyer's income (salesperson only repeated what she was told); (iii) failure to conduct independent investigation about buyer's income and expenses (no proof of obligation to do so or industry practice to do so)

12 DOS 95 Matter of Morse - respondents' testimony which is inconsistent with documentary evidence is rejected in its entirety; salesperson failed to advise tenant of landlord's credit verification requests, causing them to lose half of their deposits; dual agency without informed consent not established, as licensee signature in space for landlord's was only intended to show who the broker was in the transaction; no failure to make escrow deposit where tenant knew money was to be delivered to landlord; failure of tenant's agent to advise of material information that in delivering deposit to landlord the tenant might lose money; use of unlicensed name; vicarious liability of broker for salesperson misconduct, broker may be fined even in absence of knowledge of salesperson's misconduct; restitution required of broker

580 DOS 07 Matter of Herzog- broker fails to comply with terms of consent order (failure to pay fine and restitution); license revoked

Featured Content

First quarter Legal Lines now available

The first quarter 2018 edition of NYSAR’s Legal Lines is now available online at NYSAR.com. This edition covers commission issues, a New York State Supreme Court ruling on unsigned letters not creating a contract, support animals and more. Learn more

legal-NYSAR-180x150-2016
Legal