Agency
In New York, a 'transaction broker' (non-agent facilitator) relationship:
AIs the default agency relationship in New York if nothing else is agreed
BIs not recognized under New York Real Property Law; New York requires agent or subagent status✓ Correct
CAllows the facilitator to receive compensation from both parties
DIs only available for commercial transactions
Explanation
New York Real Property Law does not recognize a 'transaction broker' or non-agent facilitator status. In New York, a licensee must be either an agent (seller's agent, buyer's agent, or dual agent) or a subagent. The non-agent facilitator role recognized in some other states is not provided for under New York's agency laws.
Related New York Agency Questions
- In New York, a licensee representing a buyer must advise the buyer to obtain a home inspection because:
- A cooperating broker who represents the buyer in a transaction where the listing is on the MLS is acting as:
- In New York, an agent's duty of 'confidentiality' survives the termination of the agency agreement, which means:
- In New York, the agency disclosure form must be provided to a buyer or seller:
- A subagent in a real estate transaction owes fiduciary duties to:
- In New York, an agent who discovers a material defect in a property after the listing agreement is signed must:
- An agency relationship is automatically terminated when:
- A licensee who discovers that their client intends to engage in an unlawful transaction should:
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