Is a real estate broker held to a higher standard than an unsophisticated, untrained buyer and seller?

"New York", United States of America

The following excerpt is from McDermott v. Related Assets, LLC, 998 N.Y.S.2d 306 (Table) (N.Y. Civ. Ct. 2014):

As noted above, real estate brokers insist that they are professionals, and as professionals they are to be held to a higher standard than an unsophisticated, untrained buyer and seller. This court has previously held that along with receiving a license, brokers and salespersons are charged with knowledge and responsibility to check the public records to confirm any information the broker is conveying to the potential purchasers. [Acquino v. Ballester, 37 Misc.3d 705 (2012) ; Olukotun v. Reiff, NYLJ 8/1/8/04, p. 19, col.1]. Counsel for defendant has cited several cases holding that New York follows the rule of caveat emptor that is let the buyer beware. Defendant argues that as a result the claimant should be charged with knowledge of any facts which the claimant could have obtained using reasonable means of inquiry and defendant has no liability.

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