Contracts
In New York, a buyer's broker agreement typically establishes:
AThe sales price of the property
BThe buyer's agency relationship, duties, and compensation terms✓ Correct
CThe seller's listing price
DThe attorney's review period
Explanation
A buyer's broker agreement defines the agency relationship between the buyer and the broker, including the broker's duties, the buyer's obligations, and how the broker will be compensated.
People Also Study
Related New York Questions
- In New York, a 'listing agreement' creates what type of agency relationship?Agency
- A New York licensee is working with a buyer but has no written agreement. The licensee's relationship with the buyer is best described as:Agency
- The duty of 'obedience' in a New York agency relationship requires the agent to:Agency
- In New York, an agent's duty of 'confidentiality' survives the termination of the agency agreement, which means:Agency
- In New York, which state agency is primarily responsible for regulating environmental matters, including hazardous waste sites and brownfields?Environmental
- A New York listing agreement must include which of the following to be enforceable?Contracts
- In New York, a real estate purchase contract can be rescinded by mutual agreement of the parties, which is called:Contracts
- In New York, a 'post-closing occupancy agreement' (sometimes called a 'use and occupancy agreement') allows the seller to:Contracts
Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Study This Topic
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 →