Agency
In New York, 'transaction brokerage' (non-agency facilitation) is:
ARequired by law for all residential transactions
BNot recognized under New York agency law✓ Correct
COnly available for commercial transactions
DPermitted for both residential and commercial transactions
Explanation
New York does not recognize transaction brokerage (also called non-agency or facilitation) as a formal agency category under its license law. Licensees in NY must choose a recognized agency relationship.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
State-Specific Concepts
License Law
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