Agency
In a designated agency arrangement in New York, the broker:
APersonally represents both the buyer and seller
BAssigns different salespeople to represent the buyer and seller separately within the same brokerage✓ Correct
CHas no agency relationship with either party
DOnly represents the seller, never the buyer
Explanation
In designated agency, the broker assigns separate salespeople from the same firm to represent the buyer and seller. Each designated agent owes full fiduciary duties to their respective client.
Related New York Agency Questions
- 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?
- In New York, a broker who receives an offer on a listed property that the seller may want to accept must communicate the offer to the seller:
- An agency relationship is automatically terminated when:
- In New York, a listing broker is showing their own company's listing to a buyer who is also represented by an agent in the same office. The brokerage is acting as:
- Which of the following is NOT a fiduciary duty owed by an agent to their principal in New York?
- A New York broker who changes a 'listing price' on MLS without seller authorization may be:
- A subagent in a real estate transaction owes fiduciary duties to:
- Which of the following best describes a 'designated agent' under New York law?
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