Agency
In New York, when a seller's agent makes an unsolicited offer of subagency to cooperating brokers through the MLS, those cooperating brokers are acting as:
ABuyer's agents by default
BSubagents of the seller, owing fiduciary duties to the seller✓ Correct
CDual agents
DTransaction brokers
Explanation
When a cooperating broker accepts an offer of subagency from the listing broker (rather than acting as a buyer's agent), the cooperating broker becomes a subagent of the seller and owes fiduciary duties to the seller. However, many MLS systems and brokerage practices now default to buyer's agency.
Related New York Agency Questions
- In New York, when a licensee represents the buyer in a transaction involving a for-sale-by-owner (FSBO) property, the buyer's agent must:
- In New York, a broker who receives an offer on a listed property that the seller may want to accept must communicate the offer to the seller:
- 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:
- Under New York RPL section 443, the agency disclosure must be given at the first 'substantive contact.' This is defined as:
- In New York, a broker who represents neither the buyer nor the seller but helps both parties complete a transaction is known as a:
- 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, a 'non-exclusive buyer's representation agreement' differs from an exclusive one in that:
- In New York, a real estate agent who 'cherry-picks' only the best listings for their personal clients while hiding others would violate the duty of:
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