Agency
In New York, a 'subagent' working through a cooperating broker owes fiduciary duties to:
AThe cooperating broker only
BThe buyer whom the subagent is showing the property
CThe seller (principal), through the listing broker✓ Correct
DNeither party; subagents are independent contractors
Explanation
A subagent in New York is an agent of the listing broker and therefore owes fiduciary duties to the seller. When a cooperating broker acts as a subagent (rather than a buyer's agent), the cooperating broker and their salesperson represent the seller's interests, even while working with the buyer.
Related New York Agency Questions
- An agency relationship is automatically terminated when:
- A real estate agent's duty to disclose to their client includes disclosing all of the following EXCEPT:
- In New York, a 'net listing' is considered unethical primarily because:
- Under New York's RPL section 443, what must the agency disclosure form contain?
- In New York, a buyer who has signed an exclusive buyer's representation agreement and then purchases a property directly from a seller (without involving their agent) may still owe the agent:
- In New York, a 'listing agreement' creates what type of agency relationship?
- In New York, a broker who represents neither the buyer nor the seller but helps both parties complete a transaction is known as a:
- In a New York exclusive right-to-sell listing, the broker earns a commission if the property sells:
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