What is a "cohomological type" automorphic representation?

With the apt vacancy rate approx 1% in Manhattan, isn't "dual representation" -- where the broker represents both parties --- an obvious "conflict of interest"? Isn't this really legalized extortion? How can the state of NY allow this type of clearly unethical activity?

• Obviously a controversial question, but I have leased commercial and residential space in several states, but never in NYC until recently.  This summer I had the unpleasant experience of leasing an apt for my daughter, a college student.  With the low vacancy rates in parts of NYC, we found ourselves in the same position as many people seeking housing - forced to accept the highly unethical "dual representation" Brokerage Agreements commonly used in NYC. These "agreements" force people to pay a broker 12-15% of the yearly rent for nothing, because the brokers are obviously representing the Landlord, and not the Tenant whom actually pays them.  In most states, congressional lawmakers are anxious to remove these types of scams which hamper their constituents from finding affordable housing.  The real estate lobby is good, really good, and obviously has some NY politicians in their pocket - either that or your congressman/woman is a landlord!

• Answer:

  Dual representation is not unethical in New York State.  Known as "dual agency," a licensed real estate agent may legally represent both parties in a real estate transaction, provided that both parties consent to this arrangement, which is very common in New York State and elsewhere. Article 12-A of the New York Real Property Law expressly permits dual agency with informed consent of the parties.  "Informed consent" means that both parties understand the risks associated with this arrangement but nevertheless give their consent to be represented by the same broker or agent.  Accordingly, if these interests are openly disclosed and agreed by the parties, there can be no "conflict" of interests. Your question clearly expresses a level of frustration you have experienced seeking an apartment for your daughter in the NYC rental market.  The NYC rental market is uniquely quirky and as a result concepts of common sense used elsewhere may not apply.    However, to directly address your question, renters are not "forced" to enter into dual agency arrangements with brokers, nor are they forced to use a broker at all to find an apartment.  For those who do use a broker, one need only hire the broker conditioned on single representation only.  That way they can be assured that the broker is representing them only and not the landlord.