Agency
Which of the following best describes a 'designated agent' under New York law?
AA broker who represents both parties in the same transaction
BA salesperson specifically assigned by the broker to represent one party in a transaction where the firm represents both parties✓ Correct
CAn agent appointed by the court to represent an estate
DA broker who works exclusively with commercial properties
Explanation
Designated agency in New York allows a brokerage firm to assign different salespersons to represent the buyer and seller in the same transaction, thereby avoiding full dual agency while allowing the firm to work both sides.
Related New York Agency Questions
- In New York, a real estate agent who is also a licensed attorney acting as counsel for a party in the same transaction must:
- In New York, an agent's duty to present all offers to their seller client can be modified if:
- In New York, the agency disclosure form must be provided to a buyer or seller:
- A broker who earns a commission by bringing about a ready, willing, and able buyer at the listed price has fulfilled their obligation under which type of listing?
- A listing agent in New York who learns that the seller's property has an undisclosed material defect should:
- In New York, a seller's agent who discovers the seller has misrepresented material facts to the buyer must:
- Under New York law, when a buyer's agent submits an offer on behalf of the buyer, the agent must disclose their agency relationship to:
- In New York, an agent who discovers a material defect in a property after the listing agreement is signed must:
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