Agency
In New York, an agent's authority to bind the principal in a real estate transaction is typically created by:
AVerbal agreement only
BA written listing agreement or buyer's representation agreement✓ Correct
CThe MLS listing
DImplied authority granted by the DOS
Explanation
Agency in real estate is typically created by a written agreement (listing agreement for sellers, buyer's representation agreement for buyers) that defines the scope of the agent's authority.
Related New York Agency Questions
- A New York licensee is working with a buyer but has no written agreement. The licensee's relationship with the buyer is best described as:
- In New York, when a listing agent shows their own listing to a buyer, the agent typically becomes a:
- In New York, a real estate agent's 'duty of care' to their client means the agent must:
- In New York, a licensee acting as a 'buyer's agent' for a buyer who is also a personal friend must:
- In New York, the 'procuring cause' dispute between two cooperating brokers is typically resolved by:
- In New York, a seller's agent who discovers the seller has misrepresented material facts to the buyer must:
- In New York, a real estate agent who is also a licensed attorney acting as counsel for a party in the same transaction must:
- In New York, the agency disclosure form must be provided to a buyer or seller:
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