Agency
In New York, when a buyer's agent and listing agent work for the same brokerage and both agree to proceed, with written consent from the client, this is known as:
ASubagency
BDual agency or designated agency✓ Correct
CIndependent contractor arrangement
DCooperating brokerage
Explanation
When both the buyer's agent and listing agent are affiliated with the same brokerage in New York, the brokerage is in a dual agency situation. To manage the conflict of interest, New York allows for designated agency — where the broker designates specific agents to represent each party exclusively — provided both parties give informed written consent.
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Key Terms to Know
Dual Agency
A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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