Agency
Which of the following statements about a buyer's agent in New York is TRUE?
AA buyer's agent must always present all offers to the seller directly
BA buyer's agent owes fiduciary duties to the buyer and has a duty to protect the buyer's interests✓ Correct
CA buyer's agent is always compensated by the buyer directly
DA buyer's agent automatically represents the buyer's interests without any written agreement
Explanation
A buyer's agent represents the buyer and owes them fiduciary duties including loyalty, confidentiality, disclosure, obedience, accounting, and reasonable care. Compensation arrangements can vary.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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