Agency
When a listing broker's salesperson also works with the buyer in the same transaction, and both parties consent in writing, this is called:
ADual agency✓ Correct
BSubagency
CBuyer's agency
DSingle agency
Explanation
When one brokerage represents both the buyer and the seller in the same transaction with written consent from both parties, it is called dual agency. This requires careful management of potential conflicts of interest.
Related New York Agency Questions
- In New York, a 'seller's concession' negotiated by a buyer's agent—where the seller contributes to the buyer's closing costs—is typically disclosed to:
- The duty of loyalty in an agency relationship requires the agent to:
- 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 broker serving as a 'facilitator' in a transaction between two unrepresented parties must:
- In New York, a seller's agent who discovers the seller has misrepresented material facts to the buyer must:
- In an in-house transaction where one brokerage represents both buyer and seller, the broker must:
- An agent's fiduciary duty of 'obedience' means the agent must:
- In New York, a 'transaction broker' (non-agent facilitator) relationship:
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