Agency
Which of the following would create an 'implied agency' in a New York real estate transaction?
AA signed buyer's representation agreement
BA licensee who performs substantial agency tasks for a buyer without a formal agreement, leading the buyer to reasonably believe they are being represented✓ Correct
CA referral from another agent
DShowing a property to a buyer
Explanation
Implied agency arises when the conduct of the parties—even without a formal written agreement—suggests an agency relationship has been created. A licensee who advises, negotiates on behalf of, and assists a buyer may create an implied agency.
Related New York Agency Questions
- A buyer's agent discovers that the seller's listed price is significantly below the property's market value. The buyer's agent should:
- An exclusive agency listing in New York differs from an exclusive right-to-sell listing in that:
- An agent's fiduciary duty of 'obedience' means the agent must:
- The duty of 'obedience' in a New York agency relationship requires the agent to:
- In New York, an agent's authority to bind the principal in a real estate transaction is typically created by:
- In New York, a buyer's agent is created when:
- An agent who purchases a listing client's property for themselves without full disclosure is guilty of:
- In an in-house transaction where one brokerage represents both buyer and seller, the broker must:
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