Agency
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:
ASubagency relationship
BDesignated agency or dual agency situation✓ Correct
CNon-agency transaction broker role
DGeneral agency relationship
Explanation
When a buyer's agent and a listing agent are in the same brokerage, the firm is technically representing both buyer and seller — creating dual agency. New York allows designated agency as an alternative, where separate agents represent each party within the firm.
Related New York Agency Questions
- The New York Agency Disclosure Form must be provided at 'first substantive contact.' This means:
- In New York, the concept of 'informed consent' required for dual agency means:
- In New York, an agent's duty of 'confidentiality' survives the termination of the agency agreement, which means:
- In New York, an agent who fails to present an offer to the seller because they personally believe it is too low is:
- In New York, a seller's disclosure of a stigmatized property (e.g., where a violent crime occurred) is:
- In New York, the agency disclosure form must be provided to a buyer or seller:
- Under New York RPL section 443, the agency disclosure must be acknowledged by the buyer or seller. What does this acknowledgment signify?
- In New York, a buyer's broker who receives compensation from the listing broker is acting as:
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