Agency
In New York, a 'designated agent' is best described as:
AAn agent who is licensed in multiple states
BA specific salesperson or associate broker designated by the broker to represent one party exclusively in a transaction where the broker represents both parties✓ Correct
CAn agent designated by the court to handle an estate sale
DThe listing agent designated in the MLS
Explanation
Designated agency in New York allows a broker who represents both buyer and seller (dual agency situation) to designate specific salespeople to represent each party exclusively. This structure reduces the conflict inherent in traditional dual agency while allowing the brokerage to serve both parties.
People Also Study
Related New York Questions
- Dual agency in New York requires:Agency
- In a designated agency arrangement in New York, the broker:Agency
- In New York, the equitable doctrine that allows a buyer to demand specific performance of a real estate contract is available because:Contracts
- A New York buyer's agent who represents a buyer offering on a listing where the agent's own brokerage has the listing must ensure:Agency
- Under New York law, 'dual agency' exists when:Agency
- Under New York law, a broker who receives conflicting instructions from two principals (e.g., the buyer and seller in a dual agency) should:New York License Law
Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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 →