Agency
In New York, a 'listing agreement' creates what type of agency relationship?
ASpecial agency, in which the broker has authority to act only for specific purposes defined in the agreement✓ Correct
BGeneral agency, in which the broker has unlimited authority to act for the seller
CUniversal agency, in which the broker has power of attorney
DNo agency; the listing broker is a transaction coordinator
Explanation
A listing agreement creates a special (or limited) agency relationship. The broker is authorized to act on the seller's behalf for the specific purpose of marketing and procuring a buyer for the property, but does not have general authority to bind the seller in other matters.
Related New York Agency Questions
- In New York, a 'transaction broker' (non-agent facilitator) differs from a buyer's or seller's agent in that they:
- The duty of loyalty in an agency relationship requires the agent to:
- In New York, an agent's authority to bind the principal in a real estate transaction is typically created by:
- The New York Agency Disclosure Form must be provided at 'first substantive contact.' This means:
- In New York, a buyer's agent who is asked by their client to make an all-cash offer and not disclose the client's identity to the seller may:
- In New York, an agent's duty of 'confidentiality' survives the termination of the agency agreement, which means:
- In New York, a broker who takes an 'exclusive right to represent' buyer agreement and then fails to submit an offer as directed by the buyer is in breach of the:
- Which of the following would create an 'implied agency' in a New York real estate transaction?
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