Agency
In New York, a 'buyer's broker agreement' (exclusive buyer agency agreement) obligates the buyer to:
APurchase only through the designated broker regardless of circumstances
BPay the broker's compensation if the buyer purchases property of the type described in the agreement during the contract period, even if the buyer works with another agent✓ Correct
CProvide the broker with personal financial information including tax returns
DMake an offer on any property the broker shows
Explanation
An exclusive buyer agency agreement in New York obligates the buyer to pay the specified compensation to the broker if the buyer purchases any property of the described type within the agreement's geographic area during the contract period, regardless of who finds the property. This is the buyer-side equivalent of an exclusive right-to-sell listing.
Related New York Agency Questions
- A buyer's agent discovers that the seller's listed price is significantly below the property's market value. The buyer's agent should:
- In New York, a seller's agent who discovers the seller has misrepresented material facts to the buyer must:
- An exclusive agency listing in New York differs from an exclusive right-to-sell listing in that:
- In New York, a licensee acting as a buyer's agent for a customer purchasing a home listed by the same brokerage is most likely in a:
- Which of the following statements about a buyer's agent in New York is TRUE?
- In New York, an agent's duty of 'confidentiality' survives the termination of the agency agreement, which means:
- In New York, if a seller revokes a listing before it expires, the broker may be entitled to:
- In New York, a real estate broker's 'procuring cause' of a sale means:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →