New York State Real Estate Salesperson Licensing Exam

What document should an agent provide to a buyer upon request for details about a property?

1. A property listing

2. An offering plan

3. A sales contract

4. A mortgage agreement

The correct answer is: An offering plan

An offering plan is a key document that provides essential information about a property, particularly in the context of cooperative apartments or condominiums. It outlines crucial details such as the property's physical description, rules, financial statements, and any assessments. This document is structured to give prospective buyers a comprehensive understanding of what they are purchasing, including the financial condition of the building and the terms of ownership. While a property listing can provide some basic details, it generally focuses on marketing elements rather than the in-depth information an offering plan contains. A sales contract is a legal agreement between the buyer and seller that comes into play after the buyer has decided to purchase the property; it is not typically provided simply upon request for details. A mortgage agreement, on the other hand, pertains to financing and does not contain property-specific details that would aid a buyer's understanding or decision-making process regarding the purchase. Therefore, when a buyer requests details about a property, the offering plan is the most appropriate document to provide, as it encompasses comprehensive information crucial for informed decision-making.