Agency
In New York, when a buyer enters into a buyer's representation agreement with a broker, the broker owes the buyer all of the following EXCEPT:
ALoyalty
BConfidentiality
CGuaranteed lowest purchase price✓ Correct
DReasonable care and diligence
Explanation
A buyer's agent owes fiduciary duties including loyalty, confidentiality, disclosure, accounting, and reasonable care. However, the agent cannot guarantee the buyer will obtain the lowest possible price—that is a market outcome, not an agency obligation.
Related New York Agency Questions
- Under New York RPL section 443, the agency disclosure must be acknowledged by the buyer or seller. What does this acknowledgment signify?
- In New York, a listing broker is showing their own company's listing to a buyer who is also represented by an agent in the same office. The brokerage is acting as:
- A subagent in a real estate transaction owes fiduciary duties to:
- In New York, a broker serving as a 'facilitator' in a transaction between two unrepresented parties must:
- In New York, an agent who discovers a material defect in a property after the listing agreement is signed must:
- Which fiduciary duty requires a seller's agent to keep the seller's motivation for selling confidential?
- In New York, a buyer's broker who receives compensation from the listing broker is acting as:
- In an in-house transaction where one brokerage represents both buyer and seller, the broker must:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →